Epstein Secrets

d considerable effort to applying the correct mathematics, statistical mechanics, to economics. Although primarily modelled in a static environment, Foley's work is profoundly insightful, and demonstrates very clearly how statistical mechanical approaches are more powerful than utility based approache

negentropy created in the products of the firms. Essentially figures 1.3.5 to 1.3.7 bring together the economic and physical diagrams discussed in Ayres & Nair [Ayres & Nair 1984]; so that the circulation of wealth and money complies with the laws of physics as well as the laws of finance. The discussions o

ure papers and vice-versa. The main reason for adopting classical economics was almost accidental. I had previously rejected the dabblings of both Foley and Wright into Marxian economics as misguided foolishness. I was wrong, they were right. My first reason for rejecting Marxian economics was becau

nsense. However the concept of absolute value is not nonsense, it is in fact very powerful. The concept of 'negentropy' as value, as articulated by Ayres & Nair [Ayres & Nair 1984] for example, is not just basic common sense; it works as a theoretical approach, as evidenced by the models in part A. Once the

ng entropic systems should also remove many of the theoretical problems associated with imaginary Walrasian auctioneers and other such difficulties. Foley has made very significant inroads into this way of carrying out pricing [Foley 1996a, 1996b, 1999, 2002]. 214 EFTA00625342 All of the above for

ropy, first proposed by Georgescu-Roegen have been treated as fundamental truths. Unfortunately these precepts are trivially mistaken. The paper of Ayres & Nair [Ayres & Nair 1984] provides a typical example. I have found this paper profoundly useful in guiding my ideas as to how to link the mathematics of e