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dc.contributor.authorHerrmann-Pillath, Carstenen_US
dc.date.accessioned2010-07-30en_US
dc.date.accessioned2010-08-03T13:11:36Z-
dc.date.available2010-08-03T13:11:36Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/37133-
dc.description.abstractRecently, the maximum entropy principle has been applied to explain the evolution of complex non-equilibrium systems, such as the Earth system. I argue that it can also be fruitfully deployed to reconsider the classical treatment of entropy in economics by Georgescu-Roegen, if the growth of knowledge is seen as a physical process. Relying on central categories of Peirce's theory of signs, I follow the lines of a naturalistic evolutionary epistemology. In this framework, the three principles of Maximum Entropy (Jaynes), Maximum Power (Lotka) and Maximum Entropy Production can be arranged in a way such that evolution can be conceived as a process that manifests the physical tendency to maximize information generation and information capacity. This implies that the growth of knowledge is the dual of the process of entropy production. This theory matches with recent empirical research showing that economic growth can be tracked by measures of the throughput of useful work, mediated by the thermodynamic efficiency of the conversion of exergy into useful work.en_US
dc.language.isoengen_US
dc.publisherFrankfurt School of Finance & Management Frankfurt, M.en_US
dc.relation.ispartofseriesWorking paper series // Frankfurt School of Finance & Management 146en_US
dc.subject.jelB52en_US
dc.subject.jelD80en_US
dc.subject.jelQ57en_US
dc.subject.ddc330en_US
dc.subject.keywordPeirceen_US
dc.subject.keywordGeorgescu-Roegenen_US
dc.subject.keywordmaximum entropyen_US
dc.subject.keywordmaximum poweren_US
dc.subject.keywordnatural selectionen_US
dc.subject.keywordsemeiosisen_US
dc.subject.keywordphysical inference devicesen_US
dc.subject.keywordeconomic growthen_US
dc.subject.keyworduseful worken_US
dc.subject.stwEntropieen_US
dc.subject.stwEvolutionsökonomiken_US
dc.subject.stwWissenstransferen_US
dc.subject.stwNeue Wachstumstheorieen_US
dc.subject.stwTheorieen_US
dc.titleRethinking evolution, entropy and economics: A triadic conceptual framework for the maximum entropy principle as applied to the growth of knowledgeen_US
dc.typeWorking Paperen_US
dc.identifier.ppn632139471en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:fsfmwp:146-
Appears in Collections:Frankfurt School - Working Paper Series, Frankfurt School of Finance and Management

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