Thermodynamic Properties in the Evolution of Firms and Innovation Systems
14 Pages Posted: 2 Dec 2015
Date Written: December 1, 2015
Since its beginnings, economics, as a scientific discipline, has imported knowledge from other sciences (i.e. physics, biology, ecology, mathematics, etc.). Our aim is to bring the methodological tools of the thermodynamics in areas as the innovation. Moreover, these tools can be extended to environments as well as territorial contexts.
This paper first introduces some of the properties of thermodynamics that would help explain the evolution of Complex Adaptive Systems. In particular, emphasis is placed on the innovation area. There are proposed various examples as how are applied some of those properties. First, we show a probabilistic model to find the probability that a small or medium enterprise would be regarded as “innovative.” Finally, we analyse the Big Data trend as a risky challenge mainly for SME firms.
Keywords: Thermodynamics, Complex Adaptive System, Innovation
JEL Classification: 032, 033
Suggested Citation: Suggested Citation