Some Aspects of the Treatment of Time in Economic Theory

Abstract

The present period is one in which emphasis on the need for rendering economic theory “dynamic” is widespread. Yet there is little reference in the literature to the concepts and measures of time which are appropriate for the economist. Indeed one is sometimes at a loss in examining certain dynamic theories to know precisely what notion of time is held by the authors. It is this situation which has prompted the present writer to ask a few questions concerning the problems posed for the economic theorist who would treat time specifically.