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Logical, mechanical and historical time in economics

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  • Termini, Valeria A.

Abstract

Within the economic theory different notions of time imply alternative analytical structures. This article discusses and rejects the methodological dichotomy between ‘temporal’ and ‘a-temporal’ models (equilibrium and disequilibrium models) in economics. Different notions of time are identified –logical, mechanical and historical time- which enable to specify corresponding sequential methods and to address different questions within the economic theory. Some analytical implications are examined. In the light of the proposed methodological distinction different theories of the rate of interest are evaluated and new light is thrown on the important debate on finance which arose in the ‘30s among Keynes, Robertson and representatives of the Swedish School (Ohlin).

Suggested Citation

  • Termini, Valeria A., 1981. "Logical, mechanical and historical time in economics," MPRA Paper 24491, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:24491
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    References listed on IDEAS

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    Cited by:

    1. Martin Ron & Sunley Peter, 2022. "Making history matter more in evolutionary economic geography," ZFW – Advances in Economic Geography, De Gruyter, vol. 66(2), pages 65-80, July.

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    More about this item

    Keywords

    Time and causality in economics; Keynes; Robertson and the Swedish School on finance;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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