This paper develops the paper entitled ‘‘Time, the Value of Money and the Quantification of Value’ which was presented at the conference of the Middle East Technical University in September 1998. It presents the case for a value-theoretic treatment of liquidity preference in axiomatic form, based on a temporal analysis. It discusses why temporal analysis is universally excluded from economic discourse. It argues that economic thought is divided not by the schism between classical and marginal, but the chasm between time and equilibrium. This divide is found in more or less every branch and every period in the history of economic thought; the classical variant of equilibrium appeared as Say’s Law, while the Austrians tried to become the temporal variant of marginalism. It suggests that the ‘Weintraub-Davidson-Eichner’ project is an attempt to identify what ‘temporalist’ approaches have in common. It argues there is a new element to this project, namely the growing body of evidence that Marx, too, was a temporalist, and that the temporal interpretation of Marx has more in common with Post-Keynesianism than it has with the rest of Marxism.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
2572.
Find related papers by JEL classification: B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
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