Entropy in Macroeconomic Models: Another perspective of Production Function
DOI:
https://doi.org/10.5377/reice.v7i14.9375Keywords:
Function of production, entropy, economophysics, macroeconomic analysis.Abstract
The broad concept of entropy has been developed with great application in economics, with diverse visions, from applying thermodynamics and its laws to complex systems, where economic systems are a type of them, as well as to understand reversibility or irreversibility. production of a system based on its Gross Domestic Product. In this work, entropy is approached as a non-neoclassical production function, to analyze the behavior of the macroeconomic system of Nicaragua between 2000 and 2010. With the present study it was possible to verify the usefulness of entropy as a non-neoclassical tool of macroeconomics or as an economic contribution to macroeconomic analysis.
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