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.
Download (321kB) | Preview
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).
|Item Type:||MPRA Paper|
|Original Title:||Logical, mechanical and historical time in economics|
|Keywords:||Time and causality in economics; Keynes,Robertson and the Swedish School on finance|
|Subjects:||E - Macroeconomics and Monetary Economics > E1 - General Aggregative Models > E12 - Keynes ; Keynesian ; Post-Keynesian
B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary
B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925
|Depositing User:||Valeria Termini|
|Date Deposited:||24. Apr 2011 05:03|
|Last Modified:||30. Dec 2015 21:13|
AMOROSO L., La Meccanica Economica, in “Giornale degli Economisti”, 1924.
ARROW K. – HAHN F., General Competitive Analysis, Oliver and Boyd, 1971.
BENASSY J. P., Neo-Keynesian Desequilibrium Theory in a Monetary Economy, in “Review of Economic Studies”, October 1975.
BREMS H., What was new in Ohlin’s 1933-34 macroeconomics?, in “History of Political Economy”, March 1978.
BRIDGMAN P., The Logic of Modern Physics, MacMillan N.Y., 1928.
BRUNNER K., Stock and Flow Analysis: Discussion, in “Econometrica”, July 1950.
BRUNNER K. – MELTZER A., Friedman’s Monetary Theory, in Friedman 1974.
CLARK J.B., The Distribution of Wealth, MacMillan, London 1899.
DAVIDSON P., Money and the Real World, MacMillan, London (72), 2d ed. 1978.
DAVIDSON P., Alfred Marshall is Alive and Well in Post-Keynesian Economics, I.H.S. Journal 1981.
DEBREU G., Theory of Value; an Axiomatic Analysis of Economic Equilibrium, Yale Univ. Cowles Found. for Research in Economics, N.Y. 1959.
DOMAR E., Capital Expansion, Rate of Growth on Employment, in “Econometrica”, April 1946.
EDDINGTON A, The Nature of Physical World, New York, 1943.
FEIGL H., Notes on Causality, in “Readings in the Philosophy of Science”, Feigl and Brodbeck Eds., N.Y., 1953.
FELLNER W. . – SOMERS H., Stock and Flow Analysis: Comment, in “Econometrica”, July 1950
FISHER S., Recent Developments in Monetary Theory, A.E.R., May 1975.
FRIEDMAN M., A Theoretical Framework for Monetary Analysis, in “Milton Friedman's Monetary Framework”, R. Gordon Ed., Chicago Univ. Press 1974.
FRISCH R., On the Notion of Equilibrium and Desequilibrium, in “Review of Economic Studies, Vol. 3, 1936.
GAREGNANI.A ., Note su Consumi, lnvestimenti e Domanda Effettiva, in “Economia Internazionale”, Nov. 1964.65.
GEORGESCU- ROEGEN N ., The Entropy Law and the Economic Process, Harvard Univ. Press, Cambridge Mass. (1971) 1976.
GRANDMONT J.M., On the Short Run Equilibrium in Monetary Economy, in Drèze J. Ed., Allocations under Uncertainty Equilibrium and Optimality, MacMillan, London, 1971.
GRANDMOMNT J-M. – LAROQUE G., On Temporary Keynesian Equilibria, in “Review of Economic Studies”, Feb. 1976.
GRANDMONT J.M. – YOUNES Y., On the Efficiency of Monetary equilibrium, in “Review of Economic Studies”, April 1973.
HAHN F., The Rate o/ Interest and General Equilibrium Analysis, in “Economic Journal”, March 1955.
HAHN F ., 0n the Notion of Equilibrium in Economics, Cambridge Univ. Press, 1973.
HANSSON B ., The Stockholm School and the Development of Dynamic Method, manuscript for Ph.d. dissertation, Cambridge Univ. 1980.
HARROD R ., Towards a Dynamic Economics, MacMillan, 1948.
HAWTREY J ., Mr. Robertson on ‘Saving and Hoarding’, in “Economic Journal”, December 1933.
HAWTREY J., Alternative Theories of the Rate of Interest, in “Economic Journal”, Sept. 1937.
HAYEK F., Prices and Production, G. Rouletge and Sons Ltd., London (1931), 1935.
HAYEK F., The Pure Theory of Capital, (1941) Rouletge and Kegan Pub1 1976.
HICKS J., Mr Keynes and the 'Classics'; a Suggested Interpretation, in “Econometrica” 1937. A Contribution to the Theory of the Trade Cycle, Oxford Univ. Press, 1950. Capital and Growth, Oxford Univ. Press (1965) 1972. The Crisis of Keynesian Economics, N.Y. Basic Books, 1974. Some Questions of Time in Economics, in “Evolution, Welfare, and Time in Economics: Essays in Honour of N. Georgescu-Roegen, A. Tang, F. Westfield and J. Worley Eds., Lexington Mass., 1976. Causality in Economics, B. Blackwell Publ., London 1979.
KAHN F., The Relation of Home Investment to Unemployment, in “Economic Journal”, June 1931.
KEYNES J.M., Mr. Robertson and ‘Saving and Hoarding, in “Economic Journal”, December 1933. The General Theory of Interest and Money, (1936) C.W. MacMillan, 1973. The Collect Writings of J.M. Keynes, D. Moggridge Ed., Macmillan, London (Vol. XIV, XXIX). Alternative Theories of the Rate of Interest, in “Economic Journal”, June 1937 b. The Ex-Ante Theory of the Rate of Interest, in “Economic Journal”, 1937 c. Mr. Keynes and Finance: Comment, in “Economic Journal”, June 1938.
KLEIN L., Stock and Flow Analysis in Economics, in “Econometrica”, July 1950.
KNIGH F., Risk, Uncertainty and Profit (1921), Univ. of Chicago Press, 1971.
KORNAI J., Anti-Equilibrium, N.Y. American Elsevier, 1971.
KREGEL J., Economic Methodology in the Face of Uncertainty: the Modellng Method of Keynes and the Post-Keynesian, in “Economic Journal”, June 1976.
JEFFREYS H., Theory on Probabilily, MacMillan, London, 1967.
JOHNSON H., Some Cambridge Controversies in Monetary Theory, in “Review of Economic Studies”, 1951-1952.
LEIJONHUFVUD A., Effective Demand Failures, in “Swedish J. of Economics”, March 1973. On Keynesian Economics and the Economics of Keynes, Oxford Univ. Press, N.Y. 1968.
LERNER A.P., Alternative Formulations of the Theory of Interest, in “Economic Journal”, June 1938.
LINDAHL E., The Concept of Income, in “Economic Essays in Honor of G. Cassel, (1933). Studies in the Theory of Money and Capital, (1939), A.M. Kelley, Publ.. London. 1970. Sulla Teoria del Moltiplicatore, in “L'industria”, 1953. On Keynes’ Eocnomic System, in “Economic Record”, May 1954, Nov. 1954. Introduction to Wicksell’s Selected Papers, London 1958.
LUNDBERG E., Studies in the Theory of Economic Expansion, (1937), B. Blackwell, Publ., 1955.
MACHLUP F., Selected Economic Writings of F. Machlup, G . Bitros Ed.. N.Y. Univ. Press, N.Y. 1976.
MALINVAUD E., Lectures on Microeconomic Theory, North Holland, London 1972. The Theory of Unemployment reconsidered, B. Blackwell, Pub., 1977.
MASCI G. in F. CAFFE’, Frammenti per lo Studio del Pensiero Economico Italiano, Giuffrè, 1975.
METZLER L.A., Wealth Saving and the Rate of Interest, in “Journal of Political Economy”, April 1953.
MILLGATE M., On the Origin of the Notion of ‘Intemporal Equilibrium’, in “Economica”, Feb. 1979.
MINSKY H., Monetary Systems and Accelerator Models, in “American Economic Review”, Dec. 1957. John Maynard Keynes, Columbia Univ. Press, N.Y. 1975.
MODIGLIAN F., Liquidity Preference and the Theory of Interest and Money, in “Econometrica”, Jan. 1944.
MYRDAL G., Monetary Equilibrium, (1939) A.M. Kelley, Publ., London 1965.
NAGEL E., The Structure of Science, (1961), Rouletge and Kegan Publ., London, 1974.
NEISSER H., Ex-Ante and Ex-Post Propensity to Consume, in “Oxford Economic Paper”, 1959.
OHLIN B., On the Formulation of Monetary Theory, (E.T. 1933, in “History of Political Economy”, March 1978. Some Notes on the Stockholm Theory of Saving and Investment, part I in “Economic Journal”, March 1937; part II in “Economic Journal”, Sept. 1937 a. Alternative Theories of the Rate of Interest, in “Economic Journal”, Sept. 1937 b.
PALANDER T., On the Concepts and Methods of the Stockholm School, in “International Economic Papers, n. 3 1953.
PASINETTI L., Growth and Income Distribution, Cambridge Univ. Press, 1974.
PATINKIN D., Liquidity Preference and Loanable Funds: Stock and Flow Analysis, in “Economica”, Nov. 1958. On the Relation between Keynesian Economics and the Stockholm School, in “Scandinavian J. of Ec.”, 1978. Some Observations on Ohlin’s 1933 Article, in “History of Political Economy”, March 1978. and Leiths Eds., Keynes, Cambridge and the General Theory, MacMillan, 1977.
PIGOU A., The Exchange Value of Legal Tender Money, in “Essays in Applied Economics”, F. Cass and Co. Ltd., London (1923) 1965 reprint. - Keynes’ General Theory. A Retrospective View, MacMillan, London, 1950.
PLANK MAX, Theory of Heat, London, 1932.
ROBERTSON D., Saving and Hoarding, in “Economic Journal”, Sept. 1933. Mr. Robertson on ‘Saving and Hoarding’, in “Economic Journal”, Dec. 1933. Alternative Theories of the Rate of Interest, in “Economic Journal”, Sept. 1937. Mr. Keynes and Finance, in “Economic Journal”, June 1938. Essays in Monetary Theory, P. King and Son Ltd., London, 1940.
ROBINSON J., The Concept of Hoarding, in “Economic Journal”, June 1938. Essays in the Theory of Economic Growth, MacMillan, London, 1964. History Versus Equilibrium, Thames Papers in Political Economy, Thames Polytechnic, London, 1974 (CEP V). What are the Questions?, in “Journal of Economic Literature”, Dec. 1977 (CEP V).
ROSENSTEIN- RODAN P., The Role of Time in Economics, in “Economica”, Feb. 1934.
SCHUMPETER J., History of Economic Analysis, (1954.), Oxford Univ. Press N.Y., 1976:
SHACKLE G., Twenty Years on: A Survey of the Theory of the Multiplier, in “Economic Journal”, 1951. Time in Economics, (1958), North Holland Publ. Amsterdam, 1967. The Years of the High Theory, Cambridge Univ. Press, 1967 b. Epistemics and Economics, Cambridge Univ. Press, 1972.
SHAW E., False Issues in the Interest Theory Controversy. in “Journal of Political Economy”, Dec. 1938.
SIMON H ., Causal Ordering and Identifiability, in “Studies in Econometric Method”, Cowles Commission Monograph, n. 14, Hood W. – Coopmans T. Eds., J. Wiley and Sons Inc., N.Y., 1953.
SOLOW R., A Contribution to the Theory of Economic Growth, in “Quarterly Journal of Economics”, Feb. 1956.
SRAFFA P ., Production of Commodities by Means of Commodities, Cambridge Univ. Press, 1960.
STEIGER O., B. Ohlin and the Origin of the Keynesian Revolution, in “History of Political Economy”, March 1976. Prelude to the Theory of a Monetary Economy: Origins and Significance of B. Ohlin’s 1933 Approach, in “History of Political Economy”, 1978.
TERMINI V., Keynes on “finance”: the 1937-1938 debate, paper presented at the London School of Economics (28th June 1978) mimeo.
THOMAS B., Monetary Policy and Crises, Rouletge and Sons Ltd., London, 1936.
TOWNSEND H., Liquidity Premium and the Theory of Value, in “Economic Journal”, March 1937.
TSIANG C., Liquidity Preference and Loanable Funds Theories: Multiplier and Velocity Analyses: A Synthesis, in “American Economic Review”, Sept. 1956.
UHR C., The Emergence of the ‘New Economics’ in Sweden: a Review of a Study by O. Steiger, in “History of Political Economy”, 1973. Economists and Policy Making 1930-193,: Sweden’s Experience, in “History of Political Economy”, Sept. 1977.
VANDENBORRE H., An Integration of Employment Economics Within the Keynesian Theory of Money Flows, in “Oxford Economic Papers”, 1958.
VICARELLI F., Introduzione a: La Controversia Keynesiana, Il Mulino, 1974. Keynes. L’instabilità del Capitalismo, Etas Libri, Milano, 1977.
WEINTRAUB E ., Microfoundations, Cambridge Univ. Press, 1979.
WEINTRAUB S., The Microfoundation of Aggregate Demand and Supply, in “Economic Journal”, March 1957.
WRIGHT A,, The Genesis of the Multiplier, in “Oxford Economic Papers”, n. 8, 1956.
ZELLNER A, Causality and Econometrics, Brunner K. and Meltzer A., Eds. Carnegie Rochester Conference Series on Public Policy, Vol. 10, 1979.
YOHE W., The Lesser Known Works of Professor Lindahl, in “Canadian J. of Economic and Political Sciences”, 1962. Ohlin's 1933 Reformulation of Monetary Theory, in “History of Political Economy, March 1978.