2018/11/06 by Udriste, Constantin, Golubyatnikov, Vladimir, Tevy, Ionel
#80A99 #91B54 #91B74 #FOS: Economics and business #General Finance (q-fin.GN)
paper · doi:10.48550/arxiv.1812.07960
Originally, the Carnot cycle is a theoretical thermodynamic cycle that provides an upper limit on the efficiency that any classical thermodynamic engine can achieve during the conversion of heat into work, or conversely, the efficiency of a refrigeration system in creating a temperature difference by the application of work to the system. The aim of this paper is to introduce and study the economic Carnot cycles into a Roegenian economy, using our Thermodynamic-Economic Dictionary. Of course, the most difficult questions are: what is the economic significance of such a cycle? Roegenian economics is acceptable or not, in terms of practical applications? Our answer is yes for both questions.