Logical, mechanical and historical time in economics
AbstractWithin 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).
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24491.
Date of creation: 1981
Date of revision:
Publication status: Published in Economic Notes, Monte dei Paschi di Siena n. 3.vol 10(1981): pp. 2-48
Time and causality in economics; Keynes; Robertson and the Swedish School on finance;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
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