# Maximum principles in analytical economics

@article{Samuelson2004MaximumPI, title={Maximum principles in analytical economics}, author={Paul A. Samuelson}, journal={Synthese}, year={2004}, volume={31}, pages={323-344} }

Lecture to the memory of Alfred Nobel, December 11, 1970 (This abstract was borrowed from another version of this item.)

## 104 Citations

Finite-Time Thermodynamics in Economics

- EconomicsEntropy
- 2020

This paper considers optimal trading processes in economic systems using the wealth function concept, and the existence of the welfare function is proved, the concept of capital dissipation is introduced as a measure of the irreversibility of processes in the microeconomic system.

The Le Chatelier Principle of the capital market equilibrium

- Economics
- 2013

This paper purports to provide a theoretical underpinning for the problem of the Investment Company Act. The theory of the Le Chatelier Principle is wellknown in thermodynamics: The system tends to…

Additive Separability, Optimization, and Trivial Webs

- Mathematics
- 2009

In this paper we show that two seemingly unrelated problems in economics, the hypothesis of integrability and the hypothesis of additive separability are linked by the absence of curvature of…

Dissipation and Conditions of Equilibrium for an Open Microeconomic System

- EconomicsOpen Syst. Inf. Dyn.
- 2001

An analogy between microeconomic and irreversible thermodynamic systems is shown and the extremal principle for the determination of stationary state of an open microeconomic system is formulated.

Optimal Choice of Prices and Flows in a Complex Open Industrial System

- EconomicsOpen Syst. Inf. Dyn.
- 2001

Production processes are very important subject of economic study because they are irreversible and the problem on determination of optimal prices is considered for a firm with given internal structure.

Voluminous, Repetitive, and Intractable: Samuelson on Early Development Economics

- Economics
- 2020

In the late 1970s Paul Samuelson drafted the outline of a paper, never published, with a critical assessment of the theoretical innovations of postwar development economics. He found the subject…

All that glitters is not reward signal

- Psychology, BiologyNature Neuroscience
- 2014

In this issue, Shenhav et al. critically evaluate the idea that neural correlates of value actually represent value. They describe how, in many situations, value correlates can reflect other…

The Le Chatelier Principle in the Markowitz Quadratic Programming Investment Model: A Case of World Equity Fund Market

- Economics
- 2010

Due to limited numbers of reliable international equity funds, the Markowitz investment model is ideal in constructing an international portfolio. Overinvestment in one or several fast-growing…

Modern thermodynamics for chemists and biochemists

- EducationContemporary Physics
- 2020

I remember teaching thermodynamics for a colleague when she went to a workshop for two weeks and finding it extraordinarily difficult to construct a logical presentation of the subject. The fact th...

Walras' Unfortunate Legacy

- Economics
- 2010

What I argue in this paper is that the direction economics ,and particularly theoretical economics, took in the 20th century was to a great extent due to Walras' influence. This was not so much the…

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