The ongoing history of economic conservation laws

Heinrich, Torsten (2013): The ongoing history of economic conservation laws.

Abstract

Building on Mirowski’s historical analysis in the 1980s, the role of conservation laws in economic equilibrium theories is reexamined. Both static Walrasian systems and dynamic systems of intertemporal optimization are considered. While the formal derivation of conservation laws is discussed in detail, the paper also reviews the growing literature tradition in economics that is aware of the existence of conservation laws in economic equilibrium theories and tries to incorporate them into their models.

• Item Type: MPRA Paper
• Language: English
• Keywords: History of Thought; Economic Theory; Economics and Physics; Economic Conservation Laws; Walrasian Equilibrium; Intertemporal Optimization
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B13 - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School); B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B20 - General; C - Mathematical and Quantitative Methods > C6 - Mathematical Methods ; Programming Models ; Mathematical and Simulation Modeling > C61 - Optimization Techniques ; Programming Models ; Dynamic Analysis; D - Microeconomics > D9 - Intertemporal Choice > D90 - General

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