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Normal Value

Vahabi, Mehrdad (2009): Normal Value. Published in:

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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.

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