AbstractThis paper argues that economists require a particular concept of time in order to facilitate the development of theory that has greater explanatory power in describing and analyzing the sort of economy in which we are primarily interested—the monetary economy usually termed capitalism. And while it is observed that a concept of time has been recognized as important by economists of various persuasions, it is argued that a very specific concept is required. We propose a concept of time to be used in analysis which 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 of an historical 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by EconWPA in its series Macroeconomics with number 9811004.
Length: 23 pages
Date of creation: 17 Nov 1998
Date of revision:
Note: Type of Document - Acrobat PDF; prepared on IBM PC; to print on PostScript; pages: 23; figures: included
Contact details of provider:
Web page: http://22.214.171.124
Other versions of this item:
- E - Macroeconomics and Monetary Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-1998-12-09 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
- Musgrave, Ralph S., 2009. "Private Sector "Employer of Last Resort"," MPRA Paper 18593, University Library of Munich, Germany.
- George Argyrous, 1998. "Can Expenditure Cuts Eliminate a Budget Deficit? The Australian Experience," Macroeconomics 9809003, EconWPA, revised 24 Feb 1999.
- Rohan Baxter, 1993. "The Loans Standard Model of Credit Money," Working Papers 93/183, Monash University, Department of Compter Studies.
- 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.
- Dimitri B. Papadimitriou & L. Randall Wray, 1999.
"Minsky's Analysis of Financial Capitalism,"
Economics Working Paper Archive
wp_275, Levy Economics Institute.
- 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.
- Giancarlo Bertocco, 2005.
"The Role of credit in a Keynesian monetary economy,"
Review of Political Economy,
Taylor & Francis Journals, vol. 17(4), pages 489-511.
- Bertocco Giancarlo, 2002. "The role of credit in a Keynesian monetary economy," Economics and Quantitative Methods qf0222, Department of Economics, University of Insubria.
- Georgios Argitis & Stella Michopoulou, 2011.
"Are Full Employment and Social Cohesion Possible Under Financialization?,"
Forum for Social Economics,
Springer, vol. 40(2), pages 139-155, July.
- 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.
- Jamee K. Moudud, 1998. "Government Spending and Growth Cycles: Fiscal Policy in a Dynamic Context," Economics Working Paper Archive wp_260, Levy Economics Institute.
- 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.
- Hein, Eckhard, 1999. "Interest Rates, Income Shares, and Investment in a Kaleckian Model," MPRA Paper 18607, University Library of Munich, Germany.
- 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.
- 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.
- Kirsten Ford & William McColloch, 2011. "Thorstein Veblen: A Marxist Starting Point," Working Paper Series, Department of Economics, University of Utah 2011_11, University of Utah, Department of Economics.
- 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.
- L. Randall Wray, 2006. "Twin Deficits and Sustainability," Economics Policy Note Archive 06-3, Levy Economics Institute.
- William Jackson, 2006. "Post-Fordism and Population Ageing," International Review of Applied Economics, Taylor & Francis Journals, vol. 20(4), pages 449-467.
- Marc Lavoie, 2001.
"Endogenous Money in a Coherent Stock-Flow Framework,"
- Marc Lavoie, 2001. "Endogenous Money in a Coherent Stock-Flow Framework," Economics Working Paper Archive wp_325, Levy Economics Institute.
- 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.
- Walter M. Cadette, . "Can The Expansion Be Sustained? A Minskian View," Economics Policy Note Archive 00-5, Levy Economics Institute.
- L. Randall Wray, 2005. "Social Security's 70th Anniversary: Surviving 20 Years of Reform," Economics Policy Note Archive 05-6, Levy Economics Institute.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA).
If references are entirely missing, you can add them using this form.