The Replacement Effect

Branko Horvat
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Branko Horvat: The Institute for Advanced Studies

Chapter 7 in The Theory of International Trade, 1999, pp 45-49 from Palgrave Macmillan

Abstract: Abstract Labour input is measured by labour time. If economic systems — similarly to physical systems — move (change) in time, the measuring rod of time itself will change. Dynamic systems involve time in an essential way and so there is no absolute time independent from the rate of change (speed of movement).

Date: 1999
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DOI: 10.1057/9780333983386_7

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