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Time horizons and electricity futures: An application of Nicholas Georgescu-Roegen's general theory of economic production
dc.creator | Farrell, Katharine N. | spa |
dc.creator | Mayumi, Kozo | spa |
dc.date.accessioned | 2020-08-06T16:20:31Z | |
dc.date.available | 2020-08-06T16:20:31Z | |
dc.date.created | 2008-09-03 | spa |
dc.description.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 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. | eng |
dc.format.mimetype | application/pdf | |
dc.identifier.doi | https://doi.org/10.1016/j.energy.2008.07.002 | |
dc.identifier.issn | ISSN: 0360-5442 | |
dc.identifier.issn | EISSN: 1873-6785 | |
dc.identifier.uri | https://repository.urosario.edu.co/handle/10336/26041 | |
dc.language.iso | eng | spa |
dc.publisher | Elsevier | spa |
dc.relation.citationEndPage | 307 | |
dc.relation.citationStartPage | 301 | |
dc.relation.citationTitle | Energy, Vol. 34 (2009) pp.301–307 | |
dc.relation.citationVolume | Vol. 34 | |
dc.relation.ispartof | Energy, ISSN: 0360-5442;EISSN: 1873-6785, Vol.34 (2009) pp.301–307 | spa |
dc.relation.uri | https://www.sciencedirect.com/science/article/abs/pii/S036054420800176X?via%3Dihub | spa |
dc.rights.accesRights | info:eu-repo/semantics/restrictedAccess | |
dc.rights.acceso | Restringido (Acceso a grupos específicos) | spa |
dc.source | Energy, Vol. 34 (2009) pp.301–307 | spa |
dc.source.instname | instname:Universidad del Rosario | |
dc.source.reponame | reponame:Repositorio Institucional EdocUR | |
dc.subject.keyword | Time | spa |
dc.subject.keyword | Energy | spa |
dc.subject.keyword | Futures trading | spa |
dc.subject.keyword | Georgescu-Roegen | spa |
dc.subject.keyword | Flow/fund modelling | spa |
dc.subject.keyword | Production processes | spa |
dc.subject.keyword | Tradition | spa |
dc.title | Time horizons and electricity futures: An application of Nicholas Georgescu-Roegen's general theory of economic production | spa |
dc.title.TranslatedTitle | Horizontes del tiempo y futuros de la electricidad: una aplicación de la teoría general de producción económica de Nicholas Georgescu-Roegen | spa |
dc.type | article | eng |
dc.type.hasVersion | info:eu-repo/semantics/publishedVersion | |
dc.type.spa | Artículo | spa |