General Equilibrium Theory in Economics And Beyond

Mohamad Rilwan; Agra T. Wijeratne

doi:10.20944/preprints202011.0427.v1

Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

Version 1 : Received: 14 November 2020 / Approved: 16 November 2020 / Online: 16 November 2020 (14:43:42 CET)

The General equilibrium theory tries to show how and why all free markets tend toward equilibrium in the long run. However, what is meant by equilibrium in this paper is more from a thermodynamical point of view. In order to understand the actual situation, it is necessary to study open systems which are complex. In physics, such a behavior in a complex system can be explain by using Non Equilibrium Thermodynamics. A system is able to self-organize and sustain itself away from equilibrium. Economic systems may fluctuate around a particular point. To sustain it far from the equilibrium state, it needs to degrade more energy and materials. In this study, the energy consumption patterns of Sri Lanka and USA are discussed. The pattern concerning Sri Lanka is close to the model proposed here, whereas the energy consumption pattern of USA is more complicated due to external factors.

Energy; Equilibrium; Gradients; Non-Equilibrium Thermodynamics; Entropy

Business, Economics and Management, Accounting and Taxation

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General Equilibrium Theory in Economics And Beyond

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