Logical, mechanical and historical time in economics
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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| Date of creation: | 1981 |
| Publication status: | Published in Economic Notes, Monte dei Paschi di Siena n. 3.vol 10(1981): pp. 2-48 |
| Handle: | RePEc:pra:mprapa:24491 |
| Contact details of provider: | Postal: Ludwigstraße 33, D-80539 Munich, Germany Phone: +49-(0)89-2180-2459 Fax: +49-(0)89-2180-992459 Web page: https://mpra.ub.uni-muenchen.de More information through EDIRC
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References listed on IDEAS
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- 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.
- GRANDMONT, Jean-Michel & YOUNES, Yves, "undated". "On the efficiency of a monetary equilibrium," CORE Discussion Papers RP 135, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
- Jean-Michel Grandmont & Guy Laroque, 1976. "On Temporary Keynesian Equilibria," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 53-67.
- Grandmont Jean-michel & Laroque Guy, 1974. "On temporary keynesian equilibria," CEPREMAP Working Papers (Couverture Orange) 7406, CEPREMAP.
- Ragnar Frisch, 1936. "On the Notion of Equilibrium and Disequilibrium," Review of Economic Studies, Oxford University Press, vol. 3(2), pages 100-105.
- H. Neisser, 1959. "Ex Ante And Ex Post Propensity To Consume," Oxford Economic Papers, Oxford University Press, vol. 11(3), pages 291-294.
- 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.
- 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. Full references (including those not matched with items on IDEAS)
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