tag:blogger.com,1999:blog-26706564.post4918910265488009559..comments2024-03-25T07:51:47.758-04:00Comments on Thoughts On Economics: Nicholas Georgescu-RoegenRobert Vienneauhttp://www.blogger.com/profile/14748118392842775431noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-26706564.post-34724669038743004082009-11-06T20:52:10.784-05:002009-11-06T20:52:10.784-05:00Bruce, I've been out of town and unable to res...Bruce, I've been out of town and unable to respond sooner. I always assume that you at least have a good point.Robert Vienneauhttps://www.blogger.com/profile/14748118392842775431noreply@blogger.comtag:blogger.com,1999:blog-26706564.post-22257088315255553262009-11-01T14:38:28.941-05:002009-11-01T14:38:28.941-05:00I would argue that the substance of Georgescu-Roeg...I would argue that the substance of Georgescu-Roegen's critique of Leontiev I-O models applies to the interpretation of I-O models as constant linear physical production functions with constant prices.<br /><br />If instead Leontiev I-O models are viewed as snapshots of cash flows from a self-reproducing General System, we would expect such a system to be maintaining a homeostasis, and in that context the Leontiev I-O models are a first-order approximation in which proportional cash flows are in a steady state.BruceMcFhttps://www.blogger.com/profile/08502035881761277885noreply@blogger.com