The ongoing history of economic conservation laws

Torsten Heinrich

MPRA Paper from University Library of Munich, Germany

Abstract: Building on Mirowski’s historical analysis in the 1980s, the role of conservation laws in economic equilibrium theories is reexamined. Both static Walrasian systems and dynamic systems of intertemporal optimization are considered. While the formal derivation of conservation laws is discussed in detail, the paper also reviews the growing literature tradition in economics that is aware of the existence of conservation laws in economic equilibrium theories and tries to incorporate them into their models.

Keywords: History of Thought; Economic Theory; Economics and Physics; Economic Conservation Laws; Walrasian Equilibrium; Intertemporal Optimization (search for similar items in EconPapers)
JEL-codes: B13 B20 C61 D90 (search for similar items in EconPapers)
Date: 2013-07-29
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