Time, Expectations and Subjectivism: Prolegomena to a Dynamic Economics

Stephen D Parsons

Cambridge Journal of Economics, 1991, vol. 15, issue 4, 405-23

Abstract: Economic discourses are frequently ambivalent when approaching the phenomenon of time, and there are few attempts to explore systematically the economic relevance of theories of time. However, without integrating time within economic analyses, possibilities of developing a dynamic economics are seriously curtailed. Through drawing on the work of Shackle, the basis for a dynamic economics can be indicated. Although Shackle's emphasis on expectations and subjectivism can be retained in a modified form, his understanding of time must be rejected. Time is understood as a sequence of "nows," and consequently time "happens to" individuals. As a result phenomena such as expectations and choice lose their dynamic qualities. Copyright 1991 by Oxford University Press.

Date: 1991
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