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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).

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 24491.

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Date of creation: 1981
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Publication status: Published in Economic Notes, Monte dei Paschi di Siena n. 3.vol 10(1981): pp. 2-48
Handle: RePEc:pra:mprapa:24491

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Keywords: Time and causality in economics; Keynes; Robertson and the Swedish School on finance;

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  1. GRANDMONT, Jean-Michel & YOUNES, Yves, . "On the efficiency of a monetary equilibrium," CORE Discussion Papers RP -135, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  2. B. H. Beckhart & Carl F. Behrens & George N. Emory & James J. O'leary & A. M. Weimer, 1950. "Discussion," Journal of Finance, American Finance Association, vol. 5(4), pages 324-336, December.
  3. Zellner, Arnold, 1979. "Causality and econometrics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 10(1), pages 9-54, January.
  4. Benassy, Jean-Pascal, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Wiley Blackwell, vol. 42(4), pages 503-23, October.
  5. Grandmont Jean-michel & Laroque Guy, 1974. "On temporary keynesian equilibria," CEPREMAP Working Papers (Couverture Orange) 7406, CEPREMAP.
  6. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
  7. Kregel, J A, 1976. "Economic Methodology in the Face of Uncertainty: The Modelling Methods of Keynes and the Post-Keynesians," Economic Journal, Royal Economic Society, vol. 86(342), pages 209-25, June.
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