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Time horizons and electricity futures: An application of Nicholas Georgescu-Roegen's general theory of economic production

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dc.creatorFarrell, Katharine N.spa
dc.creatorMayumi, Kozospa
dc.date.accessioned2020-08-06T16:20:31Z
dc.date.available2020-08-06T16:20:31Z
dc.date.created2008-09-03spa
dc.description.abstractThis 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.mimetypeapplication/pdf
dc.identifier.doihttps://doi.org/10.1016/j.energy.2008.07.002
dc.identifier.issnISSN: 0360-5442
dc.identifier.issnEISSN: 1873-6785
dc.identifier.urihttps://repository.urosario.edu.co/handle/10336/26041
dc.language.isoengspa
dc.publisherElsevierspa
dc.relation.citationEndPage307
dc.relation.citationStartPage301
dc.relation.citationTitleEnergy, Vol. 34 (2009) pp.301–307
dc.relation.citationVolumeVol. 34
dc.relation.ispartofEnergy, ISSN: 0360-5442;EISSN: 1873-6785, Vol.34 (2009) pp.301–307spa
dc.relation.urihttps://www.sciencedirect.com/science/article/abs/pii/S036054420800176X?via%3Dihubspa
dc.rights.accesRightsinfo:eu-repo/semantics/restrictedAccess
dc.rights.accesoRestringido (Acceso a grupos específicos)spa
dc.sourceEnergy, Vol. 34 (2009) pp.301–307spa
dc.source.instnameinstname:Universidad del Rosario
dc.source.reponamereponame:Repositorio Institucional EdocUR
dc.subject.keywordTimespa
dc.subject.keywordEnergyspa
dc.subject.keywordFutures tradingspa
dc.subject.keywordGeorgescu-Roegenspa
dc.subject.keywordFlow/fund modellingspa
dc.subject.keywordProduction processesspa
dc.subject.keywordTraditionspa
dc.titleTime horizons and electricity futures: An application of Nicholas Georgescu-Roegen's general theory of economic productionspa
dc.title.TranslatedTitleHorizontes del tiempo y futuros de la electricidad: una aplicación de la teoría general de producción económica de Nicholas Georgescu-Roegenspa
dc.typearticleeng
dc.type.hasVersioninfo:eu-repo/semantics/publishedVersion
dc.type.spaArtículospa
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