Nicholas Georgescu-Roegen: A Mind That Thought above His Time

Silvana De Gleria
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Silvana De Gleria: Università degli Studi di Genova Dipartimento Di Cultura Giuridica, Postal: Via Balbi, 5 - 16126 Genova, Italy ,, http://www.unige.it

Economia Internazionale / International Economics, 1995, vol. 48, issue 3, 317-346

Abstract: Nicholas Georgescu-Roegen’s great contributions to the various fields of economic theory have not always received an adequate response. In particular his innovative representation of the economic process deserves to be examined carefully. With his original approach, that he began to develop in 1965, he demonstrates that economic processes are entropic in character and unidirectional: a vision in contrast with the prevailing versions, which are timeless and mechanistic. By making a distinction between processes that are arranged in series, in parallel and in line and, within the constituting elements, between stocks, funds and flows, Georgescu-Roegen develops a theory of production more adherent to reality. This representation underlines that each economic process has a duration, is part of Nature and follows her laws. Finally, his physiological analysis of the economic system, developed with a flow-fund matrix, sheds light on economic change that is essentially a qualitative change.

Date: 1995
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