A Biophysical Approach to Production Theory | Zendy

Jing Chen | Zendy; James K. Galbraith | Zendy

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A Biophysical Approach to Production Theory

Author(s) -

Jing Chen,

James K. Galbraith

Publication year - 2008

Publication title -

ssrn electronic journal

Language(s) - English

Resource type - Journals

ISSN - 1556-5068

DOI - 10.2139/ssrn.1313366

Subject(s) - production (economics) , economics , production theory , neoclassical economics , physical law , positive economics , management science , epistemology , microeconomics , philosophy

Most people agree that human activities are consistent with physical laws.One may naturally think that sensible economic theories can be derived fromphysical laws and evolutionary principles. This is indeed the case. In thispaper, we present a newly developed production theory of economics frombiophysical principles. The theory is a compact analytical model that provides,in our view, a much more realistic understanding of economic (as well as socialand biological) phenomena than the neoclassical theory of production.

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