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Logical, mechanical and historical time in economics

Author

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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).

Suggested Citation

  • Termini, Valeria A., 1981. "Logical, mechanical and historical time in economics," MPRA Paper 24491, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:24491
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    File URL: https://mpra.ub.uni-muenchen.de/24491/1/MPRA_paper_24491.pdf
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    References listed on IDEAS

    as
    1. Jean-Michel Grandmont & Yves Younes, 1973. "On the Efficiency of a Monetary Equilibrium," Review of Economic Studies, Oxford University Press, vol. 40(2), pages 149-165.
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    3. Jean-Pascal Benassy, 1975. "Neo-Keynesian Disequilibrium Theory in a Monetary Economy," Review of Economic Studies, Oxford University Press, vol. 42(4), pages 503-523.
    4. Zellner, Arnold, 1979. "Causality and econometrics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 10(1), pages 9-54, January.
    5. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    6. Jean-Michel Grandmont & Guy Laroque, 1976. "On Temporary Keynesian Equilibria," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 53-67.
    7. Ragnar Frisch, 1936. "On the Notion of Equilibrium and Disequilibrium," Review of Economic Studies, Oxford University Press, vol. 3(2), pages 100-105.
    8. H. Neisser, 1959. "Ex Ante And Ex Post Propensity To Consume," Oxford Economic Papers, Oxford University Press, vol. 11(3), pages 291-294.
    9. 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 209-225, June.
    10. H. Vandenborre, 1958. "An Integration Of Employment Economics Within The Keynesian Theory Of Money Flows," Oxford Economic Papers, Oxford University Press, vol. 10(2), pages 205-219.
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    More about this item

    Keywords

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

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925

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