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Economic Time

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  • John F. Henry
  • L. Randall Wray

Abstract

This paper argues that economists require a particular concept of time to develop theory with greater explanatory power in describing and analyzing the sort of economy in which we are primarily interested--the monetary economy usually termed capitalism. Economists of various persuasions have recognized the importance of a concept of time, but we argue that a very specific concept is required. We propose a concept of time that is consistent with the perception and experience of time in a monetary or capitalist economy. This concept of time is determined by the debt cycle, and the length of this cycle is determined by the interest rate. Thus, while our proposed time measure is certainly historical and sequential in nature (months, years), it is not simply clock time: the length of economic time is fluid and is regulated by the interest rate, a variable of significance in dictating a host of socially important effects.

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Bibliographic Info

Paper provided by Levy Economics Institute in its series Economics Working Paper Archive with number wp_255.

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Date of creation: Oct 1998
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Handle: RePEc:lev:wrkpap:wp_255

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  1. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
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Cited by:
  1. Parada, Jairo, 2008. "Post-Keynesian Theory of Business Enterprise and the Veblenian´s Approach: Are there commonalities?," MPRA Paper 16768, University Library of Munich, Germany, revised 10 Jul 2008.
  2. Dimitri B. Papadimitriou & L. Randall Wray, 2000. "Minsky's Analysis of Financial Capitalism," Macroeconomics 0004022, EconWPA.
  3. George Argyrous, 1998. "Can Expenditure Cuts Eliminate a Budget Deficit? The Australian Experience," Macroeconomics 9809003, EconWPA, revised 24 Feb 1999.
  4. Eladio Febrero & Maria-Angeles Cadarso, 2006. "Pay-As-You-Go versus funded systems. Some critical considerations," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 335-357.
  5. Kirsten Ford & William McColloch, 2012. "Thorstein Veblen: A Marxist Starting Point," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(3), pages 765-778, September.
  6. Rohan Baxter, 1993. "The Loans Standard Model of Credit Money," Working Papers 93/183, Monash University, Department of Compter Studies.
  7. Musgrave, Ralph S., 2009. "Private Sector "Employer of Last Resort"," MPRA Paper 18593, University Library of Munich, Germany.
  8. Walter M. Cadette, . "Can The Expansion Be Sustained? A Minskian View," Economics Policy Note Archive 00-5, Levy Economics Institute.
  9. Georgios Argitis & Stella Michopoulou, 2011. "Are Full Employment and Social Cohesion Possible Under Financialization?," Forum for Social Economics, Taylor & Francis Journals, vol. 40(2), pages 139-155, January.
  10. Bertocco Giancarlo, 2002. "The role of credit in a Keynesian monetary economy," Economics and Quantitative Methods qf0222, Department of Economics, University of Insubria.
  11. Marc Lavoie, 2001. "Endogenous Money in a Coherent Stock-Flow Framework," Macroeconomics 0103007, EconWPA.
  12. Jamee K. Moudud, 1998. "Government Spending and Growth Cycles: Fiscal Policy in a Dynamic Context," Economics Working Paper Archive wp_260, Levy Economics Institute.
  13. Hein, Eckhard, 1999. "Interest Rates, Income Shares, and Investment in a Kaleckian Model," MPRA Paper 18607, University Library of Munich, Germany.
  14. Marc Lavoie, 2003. "Kaleckian Effective Demand and Sraffian Normal Prices: Towards a reconciliation," Review of Political Economy, Taylor & Francis Journals, vol. 15(1), pages 53-74.
  15. William Jackson, 2006. "Post-Fordism and Population Ageing," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(4), pages 449-467.
  16. L. Randall Wray, 2006. "Twin Deficits and Sustainability," Economics Policy Note Archive 06-3, Levy Economics Institute.
  17. L. Randall Wray, 2005. "Social Security's 70th Anniversary: Surviving 20 Years of Reform," Economics Policy Note Archive 05-6, Levy Economics Institute.
  18. Louis-Philippe Rochon, 2001. "Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 287-307.
  19. Juan de Dios Tena & Antoni Espasa & Gabriel Pino, 2008. "Forecasting Spanish inflation using information from different sectors and geographical areas," Statistics and Econometrics Working Papers ws080101, Universidad Carlos III, Departamento de Estadística y Econometría.
  20. Jean-Francois Renaud, 2000. "The Problem of the Monetary Realization of Profits in a Post Keynesian Sequential Financing Model: Two solutions of the Kaleckian option," Review of Political Economy, Taylor & Francis Journals, vol. 12(3), pages 285-303.

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