Logical, mechanical and historical time in economics

Valeria Termini ()

MPRA Paper from University Library of Munich, Germany

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).

Keywords: Time and causality in economics; Keynes,Robertson and the Swedish School on finance (search for similar items in EconPapers)
JEL-codes: B1 B52 E12 (search for similar items in EconPapers)
Date: 1981
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Citations: View citations in EconPapers (1)

Published in Economic Notes, Monte dei Paschi di Siena n. 3.vol 10(1981): pp. 2-48

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