Details zur Publikation |
| Kategorie | Textpublikation |
| Referenztyp | Zeitschriften |
| DOI | 10.1016/j.energy.2008.07.002 |
| Titel (primär) | Time horizons and electricity futures: an application of Nicholas Georgescu-Roegen's general theory of economic production |
| Autor | Farrell, K.N.; Mayumi, K. |
| Journal / Serie | Energy |
| Erscheinungsjahr | 2009 |
| Department | OEKON |
| Band/Volume | 34 |
| Heft | 3 |
| Seite von | 301 |
| Seite bis | 307 |
| Sprache | deutsch |
| Keywords | Time; Energy; Futures trading; Georgescu-Roegen; Flow/fund modelling; Production processes; Tradition |
| Abstract | This paper reports theoretical economic production work and uses electricity futures trading to illustrate its argument. The focus is relationships between time, production and tradition both in Nicholas Georgescu-Roegen's analytical representation of the production process (i.e., flow/fund model) and in his dialectical scheme dealing with the evolutionary changes in the economic process. Our main arguments are (1) the flow/fund model is designed to be employed in conjunction with attention to how the boundaries of a given process are determined and (2) process boundaries are dialectical distinctions-between process and not-process-that are strongly related to time and tradition. We propose that Georgescu-Roegen's The Entropy Law and the Economic Process is best understood as the elaboration of a general theory of economic production and we developed two conceptual tools (time (sic) and meta-funds), both of which are related to the dialectical distinction between process and not-process, which we use to operationalise this general theory. Finally, we demonstrate that, although trading in electricity futures is surprising if one uses a stock/flow vs services distinction (because electricity supply is classed as a service) it appears perfectly logical under Georgescu-Roegen's general theory: shortening time horizons, combined with a shift in the relationship between raw fuel supplies and power production procedures, lead to a shift in the status of electricity supply, from fund to flow. |
| dauerhafte UFZ-Verlinkung | https://www.ufz.de/index.php?en=20939&ufzPublicationIdentifier=157 |
| Farrell, K.N., Mayumi, K. (2009): Time horizons and electricity futures: an application of Nicholas Georgescu-Roegen's general theory of economic production Energy 34 (3), 301 - 307 |
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