Preprint Article Version 1 Preserved in Portico This version is not peer-reviewed

General Equilibrium Theory in Economics And Beyond

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

How to cite: Rilwan, M.; Wijeratne, A.T. General Equilibrium Theory in Economics And Beyond. Preprints 2020, 2020110427 (doi: 10.20944/preprints202011.0427.v1). Rilwan, M.; Wijeratne, A.T. General Equilibrium Theory in Economics And Beyond. Preprints 2020, 2020110427 (doi: 10.20944/preprints202011.0427.v1).

Abstract

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.

Subject Areas

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

Comments (0)

We encourage comments and feedback from a broad range of readers. See criteria for comments and our diversity statement.

Leave a public comment
Send a private comment to the author(s)
Views 0
Downloads 0
Comments 0
Metrics 0


×
Alerts
Notify me about updates to this article or when a peer-reviewed version is published.
We use cookies on our website to ensure you get the best experience.
Read more about our cookies here.