Krcal, Hans-Christian
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Abstract
‘Routine action’, a form to take action, is widely accepted in the economic field, because of its resource saving effect which contributes to average cost degression. However, from an entropic point of view, each form of acting requires decision making in regard to consumption of resources and causes entropic effects. Therefore, any kind of mechanistic resource management has to be avoided, even for routine action, when well-balanced economic-entropic actions, as to call them sustainable, are the objective. The paper shows how entropic and economic advantages and disadvantages of routine action can be brought together in a ratio to measure its sustainability’s relevance.
Document type: | Working paper |
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Series Name: | AWI Discussion Paper Series |
Volume: | 0738 |
Place of Publication: | Heidelberg |
Date Deposited: | 05 Dec 2023 14:29 |
Date: | 2023 |
Number of Pages: | 49 |
Faculties / Institutes: | The Faculty of Economics and Social Studies > Alfred-Weber-Institut for Economics |
DDC-classification: | 330 Economics |
Uncontrolled Keywords: | thermodynamics, decision making, entropy, routine action, micro theory, sustainability, opportunity cost, opportunity revenue, learning curve effect, average cost degression |
Series: | Discussion Paper Series / University of Heidelberg, Department of Economics |