EARLY TWENTIETH-CENTURY HETERODOX MONETARY THOUGHT
of this paper is to study the link between an important development
in the physical sciences, the discovery of the law of entropy, and
its impact on the evolution of heterodox monetary theory early in
the twentieth century. Based on the recognition that, unlike the
physical world, the monetary system appears to escape the effects
of entropy, writers such as Soddy and Gesell developed particular
theories and policies that took this asymmetry into consideration.