Endoreversible thermodynamics versus economics

Endoreversible thermodynamics is a useful subset of irreversible thermodyna mics, as it allows gaining physical insight in steady state processes, away from equilibrium. As economic activities are nonequilibrium processes, we investigate how endoreversible models can be applied to economic systems. W e investigate whether extensive quantities (like energy, matter and entropy ) and intensive quantities (like temperature and chemical potential) in phy sics have counterparts in economics. (C) 1999 Elsevier Science Ltd. All rig hts reserved.