单词 | irreversibility |
释义 | irreversibility The fact that changes, once made, cannot be reversed. Irreversibility is usual in economic activity. Humans, animals, and plants once dead cannot be brought back to life. Present goods can often be turned into future goods by storage, but no process can turn future goods into present goods. Physical productive processes are not fully reversible, because of friction and time lags. Financial transactions cannot be fully reversed because of transactions costs. |
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