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Irreversible Microeconomics: Optimal Processes and Control

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Abstract

An analogy between the processes in microeconomics and irreversible thermodynamics is established. Concepts of economic irreversibility and capital dissipation are defined and conditions for minimal dissipation are derived. Optimal price control for resource exchange are determined and an extremal principle defining the stationary state of an microeconomic system is formulated.

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Tsirlin, A.M. Irreversible Microeconomics: Optimal Processes and Control. Automation and Remote Control 62, 820–830 (2001). https://doi.org/10.1023/A:1010235109902

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