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On Time

Author

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  • Diamond,Peter A.

Abstract

In these two lectures, first published in 1994, Peter Diamond explores how time is modelled in theoretical analyses of individual industries and of an entire economy. In the first lecture he considers equilibrium in a single market by examining the distinction between the short run and the long run in Marshallian analysis. He proposes an explicit modelling of time in place of Marshall's use of different atemporal models for different time frames. In the second lecture he turns to models of an entire economy, and begins by considering how and why models of an entire economy should differ from models of a single industry. Both cyclical and seasonal data on the behaviour of macro-economies are examined.

Suggested Citation

  • Diamond,Peter A., 1994. "On Time," Cambridge Books, Cambridge University Press, number 9780521462891.
    • Handle: RePEc:cup:cbooks:9780521462891
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    Cited by:

    1. Joachim Merz & Tim Rathjen, 2014. "Time And Income Poverty: An Interdependent Multidimensional Poverty Approach With German Time Use Diary Data," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(3), pages 450-479, September.
    2. Caballero, Ricardo J. & Hammour, Mohamad L., 1996. "On the ills of adjustment," Journal of Development Economics, Elsevier, vol. 51(1), pages 161-192, October.
    3. Merz, Joachim & Rathjen, Tim, 2011. "Intensity of Time and Income Interdependent Multidimensional Poverty: Well-Being and Minimum 2DGAP – German Evidence," IZA Discussion Papers 6022, Institute of Labor Economics (IZA).
    4. Joachim Merz & Henning Stolze, 2010. "Kumulation von Querschnitten - Evaluierung alternativer Konzepte für die kumulierten laufenden Wirtschaftsrechnungen 1999 bis 2003 im Vergleich zur Einkommens- und Verbrauchsstichprobe 2003," FFB-Discussionpaper 85, Research Institute on Professions (Forschungsinstitut Freie Berufe (FFB)), LEUPHANA University Lüneburg.
    5. Woodford, Michael, 1996. "Loan commitments and optimal monetary policy," Journal of Monetary Economics, Elsevier, vol. 37(3), pages 573-605, June.

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