Time and Economics

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.

Explains the concept of functional time and describes how it is measured Shows that it is possible to apply the understanding of time formulated within the framework of modern physics and philosophy when considering the time dimension of economic activity Provides the theoretical and mathematical description of the phenomena analogous to the dilation of time and the contraction of lengths in physics within the economic framework Illustrates how such an understanding of time is reflected in the consideration of time periods in which economic activity takes place

Autorentext

eljko Rohatinski is a Croatian macroeconomist and former Croatian National Bank Governor. He has worked in government administration, commercial banking, economic institutes and the corporate sector. In 2008, Rohatinski was named 'The Best Central Bank Governor in the World' and 'The Best Central Bank Governor in Europe' by The Financial Times-owned The Banker magazine.

Inhalt
Chapter 1. Introduction.- Part I. The Functional Time Hypothesis.- Chapter 2. Time as an Objective Category.- Chapter 3. Time as a Subjective Category.- Part II. The Structure and Character of Economic Activity.- Chapter 4. Historical Character.- Chapter 5. Circular Character.- Chapter 6. Components and Course.- Chapter 7. Causal Relations.- Chapter 8. Structural Relations.- Chapter 9. Equilibrium Relations.- Chapter 10. Modelling Economic Activity.- Part III. Economic Activity in Time and the Character of Functional Time.- Chapter 11. Functional Time.- Chapter 12. The Relative Character of Functional Time.- Chapter 13. The Time Determination of Economic Activity.- Chapter 14. Concluding Remarks.