Overview
- 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
Access this book
Tax calculation will be finalised at checkout
Other ways to access
Table of contents (14 chapters)
-
Front Matter
-
Part I
-
Front Matter
-
-
Back Matter
Keywords
- Economic activity
- Economic philosophy
- Causal relations
- Horizontal relations
- Vertical relations
- Economic categories
- Economic models
- Moderate growth
- Two-sector economy
- Equilibrium
- Economic growth
- Econophysics
- Economic measures
- Modalities
- Internal time measurement
- External time measurement
- Economic development
- Economic processes
- Time and Economics
- Functional time
About this book
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.
Authors and Affiliations
About the author
Željko 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.
Bibliographic Information
Book Title: Time and Economics
Book Subtitle: The Concept of Functional Time
Authors: Željko Rohatinski
DOI: https://doi.org/10.1007/978-3-319-61705-3
Publisher: Palgrave Macmillan Cham
eBook Packages: Economics and Finance, Economics and Finance (R0)
Copyright Information: The Editor(s) (if applicable) and The Author(s) 2017
Hardcover ISBN: 978-3-319-61704-6Published: 23 October 2017
Softcover ISBN: 978-3-319-87139-4Published: 22 June 2018
eBook ISBN: 978-3-319-61705-3Published: 09 October 2017
Edition Number: 1
Number of Pages: XXIII, 259
Number of Illustrations: 8 b/w illustrations
Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Philosophy of Science, History of Economic Thought/Methodology, Political Economy/Economic Systems, Regional/Spatial Science