Capital and Discount Rates in the Context of Thermodynamic Entropy

• Autorzy: Mieczysław Dobija
• Języki publikacji: EN

Abstrakty

EN

In order to build a model of capital, we employ a strong analogy between the world of economics and the world of physics and chemistry. Looking at the direction in which energy flows in any event or process, we are on the way to understanding what the Second Law of Thermodynamics is and how it applies to capital and the process of its concentration/Energy spontaneously tends to flow only from being concentrated in one place to becoming diffused. Entrepreneurs and individuals act to counter this dispersion of energy so that they maintain a steady equilibrium state. Economies and efficient markets help their actors to maintain this equilibrium. This is the principal premise of the theory explaining the nature of capital. (fragment of original text)

Słowa kluczowe

EN

Capital; Capital theory; Discount rate

PL

Kapitał; Teoria kapitału; Stopa dyskontowa

• Czasopismo: Argumenta Oeconomica Cracoviensia
• Rocznik: 2005
• Numer: no 3
• Strony: 31--47

Twórcy

autor

Mieczysław Dobija

• Cracow University of Economics, Poland

Bibliografia

• Bliss J. Ch., Capital Theory and the Distribution of Income, North-Holland Publishing, Oxford 1975.
• Bóhm-Bawerk E. von, The Positive Theory of Capital, Macmillan, London 1981. Translated by Smart W.A., Library of Economics and Liberty, http://www.econlib.org/library/BohmBawerk/bbPTCl.html.
• Brealey R., Myers S., Principles of Corporate Finance, McGraw-Hill, New York 1993.
• Cannan E., 1921, Early History of the Term Capital, "Quarterly Journal of Economics", vol. 35, nr 3, http://socserv2.mcmaster.ca/~econ/ugcm/3H3/cannan/cannan002.html.
• Chalidze W., 2002, Entropy Demystified: Potential Order, Life and Money, Universal Publishers.
• Cieślak I., Kucharczyk M., 2004 Capital Analysis of Salaries @@@ General Accounting Theory. Towards Balancing the Society, eds. Dobija M., Martin S., Leon Koźmiński Academy of Entrepreneurship and Management, Warsaw.
• Dobija D., Koszty ryzyka i syntetyczny wskaźnik ryzyka jednostki [The Costs of Risk and a Composite Indicator of Individual Risk], Zeszyty Naukowe Akademii Ekonomicznej w Krakowie nr 557[Academic Papers of the Cracow University of Economics], Cracow 2001.
• Dobija D., Pomiar i sprawozdawczość kapitału intelektualnego przedsiębiorstwa [The Measurement and Reporting of Intellectual Capital in Enterprises], Leon Koźmiński Academy of Entrepreneurship and Management, Warsaw 2003.
• Dobija D., Dobija M., 2003, Dowód na istnienie kapitału intelektualnego [Proof of the Existence of Intellectual Capital], "Master of Business Administration", nr 4.
• Dobija M., Human Resource Costing and Accounting as a Determinant of Minimum Wage Theory, Zeszyty Naukowe Akademii Ekonomicznej w Krakowie nr 553 [Academic papers of the Cracow University of Economics], Cracow 2000.
• Dobija M., 2004, Theories of Chemistry and Physics Applied to Developing an Economic Theory of Intellectual Capital @@@ Knowledge Café for Intellectual Entrepreneurship THROUGH or AGAINST Institutions, eds. Kwiatkowski S., Houdayer P., Leon Koźmiński Academy of Entrepreneurship and Management, Warsaw.
• Fetter F.A., 1990, Recent Discussion of the Capital Concept, "Quarterly Journal of Economics", http://socserv2.socsci.mcmaster.ca/~econ/ugcm/3113/fetter/capital.htm.
• Fisher I., The Nature of Capital and Income, Macmillan, New York 1912.
• Georgescu-Roegen N., The Entropy Law and the Economic Process, Harvard University Press, Cambridge 1971.
• Hawking W.S., Krótka historia czasu - od wielkiego wybuchu do czarnych dziur [A Brief History of Time - from the Big Bang to Black Holes], Alfa, Warsaw 1990.
• Jevons W.S., Principles of Economics, Macmillan, London 1905.
• Kuchmacz J., 2004, Examining Changes in the Rate of Return in the Context of Market Efficiency @@@ General Accounting Theory. Towards Balancing the Society, eds. Dobija M., Martin S., Leon Koźmiński Academy of Entrepreneurship and Management, Warsaw.
• Laidler K.J., To Light Such A Candle, Oxford University Press, New York 1998.
• Lambert F.L., 1997, Why Don't Things Go Wrong More Often? Activation Energies: Maxwell's Angels, Obstacles to Murphy's Law, "The Journal of Chemical Education", vol. 74, nr 8.
• Lambert F.L., 2002, Disorder - A Cracked Crutch for Supporting Entropy Discussions, "The Journal of Chemical Education", vol. 79, nr 2.
• Lambert F.L., 2003, www.entropysite.com./entropy_isnot_disorder.html.
• Mazur M., Cybernetyka i character [Cybernetics and Character], State Publishing Institute, Warsaw 1976.
• Mirowski P., More Heat than Light, Economics as Social Physics: Physics as Nature's Economics, Cambridge University Press, Cambridge 1989.
• Pais A., Pan Bóg jest wyrafinowany... Nauka i życie Alberta Einsteina [God is Sophisticated... The Life and Work of Albert Einstein], Prószyński and S-ka, Warsaw 2001.
• Prigogine I., Stengers I., Z chaosu ku porządkowi [From Chaos to Order], Państwowy Instytut Wydawniczy, Warsaw 1990.