Normal Value

Mehrdad Vahabi

MPRA Paper from University Library of Munich, Germany

Abstract: This paper explores Alfred Marshall's concept of Normality and its relevance in understanding time in economic change. Natura non facit saltum or the incremental change of time is compatible with partial equilibrium and reveals a tension between two notions of time: ex ante vision of time and ex post vision of time. The former describes entrepreneur's temporal profile and the latter captures analyst (economist)temporal horizon.

Keywords: Normality; normal equilibrium; time; ex ante and ex post vision of time; incremental change (search for similar items in EconPapers)
JEL-codes: B1 B13 B3 D5 E3 (search for similar items in EconPapers)
Date: 2009
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Chapter: Normal value (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:69388

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