We point out that the fundamental irreversibility of Nature requires the introduction of a suitable measure for the distance from equilibrium. We show that entropy, which is widely held to be such a measure, suffers from the problem that it does not have a physical meaning, since it is...

The Clausian introduction of entropy is based on an unnecessary restriction, namely that diminishing circle integral leads to a unique state variable. Eliminating that restriction a family of entropy-like function is introduced. After we have chosen one, called extropy, which has better...

Gyula Farkas (1847-1931) became a well-known scientist in his age due to his thermodynamic achievements, but today - after rediscovering his articles in 1950 - he is also noted as one of the founders of operation research. On the occasion of the 150th anniversary of his birth, his name became...

We point out that the fundamental irreversibility of Nature requires the introduction of a suitable measure for the distance from equilibrium. We show that entropy, which is widely held to be such a measure, suffers from the problem that it does not have a physical meaning, since it is...

A set of equilibrium states in a system consisting of economic agents, economic reservoirs, and firms is considered. Methods of irreversible microeconomics are used. We show that direct sale/purchase leads to an equilibrium state which depends upon the coefficients of supply/demand functions. To...