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==== The production process and the flow-fund model ====
{{See also | Production function | Input–output model}}
In the 1965 Georgescu-Roegen presented the flow-fund model at the Conference of the International Economic Association that took place in Rome.<ref name=ngr17/>{{Relevance inline|date=April 2021|reason=The main section covers NGR's 1971 magnum opus only, and not any prior work of his}} His analysis of the production process, based on the flow-fund model, highlights the relationship between productive efficiency and the organization of production thanks to the focus on the temporal and organizational aspects of production processes. According to Georgescu-Roegen’s definition, flows are utilized in only one process as input, or they can emerge from a single process as output. While, funds enter and leave the production process, providing their services in several processes over time (e.g., workers, land and capital equipment).<ref name=ngr02/>
In the fund-flow approach, the production process is represented by a functional<ref name=ngr01/>{{rp|236}}
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