On the instantaneous life of a nondurable input: a reflection in light of Cantor, Newton and Zeno
AbstractA nondurable producer good that incurs no interest cost, which implies the instantaneous period of production, is a feature of many important models. We investigate various issues arising from this feature: counting the uncountably infinite (pace Cantor), modeling time as two infinitely distant instants (pace Newton), and accommodating no sequence of production (pro Zeno). These issues are all related to the property of real numbers, to which the instantaneous period of production inevitably leads. It is concluded that the current accounting practice based on the instantaneous period of production should be revised.
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Bibliographic InfoPaper provided by Institute of Economic Research, Korea University in its series Discussion Paper Series with number 0802.
Length: 27 pages
Date of creation: 2008
Date of revision:
Nondurable input; Durable input; Instantaneous period of production; Uncountably infinite; Model time; Sequence of production;
Find related papers by JEL classification:
- C02 - Mathematical and Quantitative Methods - - General - - - Mathematical Economics
- D24 - Microeconomics - - Production and Organizations - - - Production; Cost; Capital; Capital, Total Factor, and Multifactor Productivity; Capacity
- O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models
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