Baumgärtner, Stefan - In: Economic theory : official journal of the Society for … 26 (2005) 2, pp. 725-728
The two notions of temporal and thermodynamic irreversibility are distinguished. It is shown that the irreversibility concept of Arrow-Debreu, while establishing temporal irreversibility, does not encompass thermodynamic irreversibility. This means, the standard irreversibility concept of...