Time and Economics: The Concept of Functional Time

Description

This book links the philosophical perception of time and Einstein’s theory of special relativity to economic processes, showing that the phenomena of time dilation and length contraction seen in physics can be identified within – and adapted to – an economic framework. The author expands on Marx’s model of reproduction with the additional variable of time, which is represented as a relative or functional category. In addition to allowing a more precise understanding of both static and dynamic relations between economic systems, this concept examines approaches to time proposed by Smith, Marshall and Keynes, and challenges the equilibrium and disequilibrium economic models. Rohatinski suggests that by understanding the differences in economic activity perceived across different time periods we are better able to influence that activity at micro- and macroeconomic levels. Front Matter ....Pages i-xxiii Introduction (Željko Rohatinski)....Pages 1-10 Front Matter ....Pages 11-12 Time as an Objective Category (Željko Rohatinski)....Pages 13-27 Time as a Subjective Category (Željko Rohatinski)....Pages 29-42 Front Matter ....Pages 43-43 Historical Character (Željko Rohatinski)....Pages 45-54 Circular Character (Željko Rohatinski)....Pages 55-63 Components and Course (Željko Rohatinski)....Pages 65-71 Causal Relations (Željko Rohatinski)....Pages 73-79 Structural Relations (Željko Rohatinski)....Pages 81-95 Equilibrium Relations (Željko Rohatinski)....Pages 97-113 Modelling Economic Activity (Željko Rohatinski)....Pages 115-123 Front Matter ....Pages 125-126 Functional Time (Željko Rohatinski)....Pages 127-144 The Relative Character of Functional Time (Željko Rohatinski)....Pages 145-161 The Time Determination of Economic Activity (Željko Rohatinski)....Pages 163-190 Concluding Remarks (Željko Rohatinski)....Pages 191-202 Back Matter ....Pages 203-259