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).
|Date of creation:||1981|
|Date of revision:|
|Publication status:||Published in Economic Notes, Monte dei Paschi di Siena n. 3.vol 10(1981): pp. 2-48|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
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.:
- B. H. Beckhart & Carl F. Behrens & George N. Emory & James J. O'leary & A. M. Weimer, 1950. "Discussion," Journal of Finance, American Finance Association, vol. 5(4), pages 324-336, December.
- 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 209-25, June.
- 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.
- 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.
- Ragnar Frisch, 1936. "On the Notion of Equilibrium and Disequilibrium," Review of Economic Studies, Oxford University Press, vol. 3(2), pages 100-105.
- 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 & Laroque Guy, 1974.
"On temporary keynesian equilibria,"
CEPREMAP Working Papers (Couverture Orange)
- H. Neisser, 1959. "Ex Ante And Ex Post Propensity To Consume," Oxford Economic Papers, Oxford University Press, vol. 11(3), pages 291-294.
- Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
- Zellner, Arnold, 1979. "Causality and econometrics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 10(1), pages 9-54, January.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:24491. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.