Munich Personal RePEc Archive

Logical, mechanical and historical time in economics

Termini, Valeria A. (1981): Logical, mechanical and historical time in economics. Published in: Economic Notes, Monte dei Paschi di Siena , Vol. vol 10, No. n. 3 (March 1981): pp. 2-48.

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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).

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