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Funds, Flows and Time
An Alternative Approach to the Microeconomic Analysis of Productive Activities
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This book deals with concepts of microeconomic production theory, using the fund-flow model of Nicholas Georgescu-Roegen as a basic reference. This long-neglected model allows for a representation of productive operations that incorporates the time dimension and can be easily accommodated to empirical application. Through a detailed analysis of the organization of productive processes, the authors establish a link between the practical tools of process timing optimisation used in operational research, and the fund-flow model. In addition, they go beyond the original model by extending the analysis to service activities, making special reference to transport operations and the development of information assets. The book sheds new light on long-established concepts of microeconomic production theory and combines general theoretical analysis with references to management tools.
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