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Time In Economic Theory

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  • Joan Robinson

Abstract

Everyday, in real life, the past is irrevocable and the future predicted with a margin of uncertainty. In a theoretical model, time can be frozen but it is a common error to confuse a comparison of static positions with a movement between them. E. H. Carr claims that historians and natural scientist are alike in having given up the search for grand ‘laws’ and are now content to try to learn ‘how things happen’. To improve the status of economics it is necessary to get rid of logical contradictions, which involves eliminating the concept of static equilibrium; to guard against conception by ideological prejudice and to use the study of history, as it unfolds, to check up on the hypotheses that theory suggests.

Suggested Citation

  • Joan Robinson, 1980. "Time In Economic Theory," Kyklos, Wiley Blackwell, vol. 33(2), pages 219-229, May.
    • Handle: RePEc:bla:kyklos:v:33:y:1980:i:2:p:219-229
    DOI: 10.1111/j.1467-6435.1980.tb02632.x
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    Cited by:

    1. Ronald Schettkat, 2020. "Micro-Foundations of Diverging Economic Policies: Keynesian, Behavioural, Neoclassic," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(2), pages 105-111, March.
    2. Mora, Gonzalo Cómbita, 2014. "Entre el realismo y la abstracción: Una evaluación metodológica de la macroeconomía," Revista Tendencias, Universidad de Narino, vol. 15(2), pages 90-117, July.
    3. Ettore Gallo, 2022. "When is the long run?—Historical time and adjustment periods in demand‐led growth models," Metroeconomica, Wiley Blackwell, vol. 73(4), pages 1155-1178, November.
    4. Ronald Schettkat & Sonja Jovicic, 2016. "Macroeconomic revolution on shaky grounds: Lucas/Sargent critique’s inherent contradictions," Schumpeter Discussion Papers SDP16005, Universitätsbibliothek Wuppertal, University Library.
    5. Spahn Peter, 2009. "The New Keynesian Microfoundation of Macroeconomics," Review of Economics, De Gruyter, vol. 60(3), pages 181-203, December.
    6. Velázquez Orihuela, Daniel, 2023. "Distribución y crecimiento en economías abiertas: una explicación pos-kaleckiana," Apuntes del Cenes, Universidad Pedagógica y Tecnológica de Colombia, vol. 42(75), pages 17-43, January.
    7. Ipsen, Leonhard & Aminian, Armin & Schulz-Gebhard, Jan, 2023. "Stress-testing inflation exposure: Systemically significant prices and asymmetric shock propagation in the EU28," BERG Working Paper Series 188, Bamberg University, Bamberg Economic Research Group.
    8. Ettore Gallo, 2023. "How Short Is the Short Run in the Neo-Kaleckian Growth Model?," Review of Political Economy, Taylor & Francis Journals, vol. 35(3), pages 687-701, July.
    9. Kronenberg, Tobias, 2010. "Finding common ground between ecological economics and post-Keynesian economics," Ecological Economics, Elsevier, vol. 69(7), pages 1488-1494, May.
    10. William J. Rieber, 2016. "Ludwig Von Mises’ Neoclassical Analysis of Dumping," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 44(4), pages 447-455, December.
    11. Víctor M. Fernández-Aguilera & Ignacio Amate-Fortes & Almudena Guarnido-Rueda, 2022. "Analysis of the Law of Falling Rate of Profit: European Case," Politická ekonomie, Prague University of Economics and Business, vol. 2022(2), pages 193-208.
    12. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.
    13. Ronald Schettkat, 2018. "Animal Spirits - Die Verhaltensökonomischen Grundlagen der Keynesschen Theorie," Schumpeter Discussion Papers sdp18008, Universitätsbibliothek Wuppertal, University Library.
    14. Greg Hill, 1997. "History, Necessity, And Rational Choice Theory," Rationality and Society, , vol. 9(2), pages 189-213, May.
    15. Daniel Velázquez Orihuela & Diana Xóchitl González Gómez, 2016. "Impuestos y deuda pública: una relación paradójica," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 24(2), pages 7-28, October.
    16. Vienneau, Robert L., 2019. "Structural economic dynamics, markups, real Wicksell effects, and the reverse substitution of labor," Structural Change and Economic Dynamics, Elsevier, vol. 50(C), pages 216-226.
    17. Ettore Gallo & Mark Setterfield, 2022. "Historical Time and the Current State of Post-Keynesian Growth Theory," Working Papers 2204, New School for Social Research, Department of Economics.
    18. Daniel Vel zquez-Orihuela & Juan-Roberto Vargas-S nchez & Zeus Salvador Hern ndez-Veleros, 2019. "The Effect of Public Investment on the Cycle and Economic Growth: A Simple Theoretical Model," International Journal of Economics and Financial Issues, Econjournals, vol. 9(1), pages 37-50.
    19. Charles J. Whalen, 2020. "Post-Keynesian institutionalism: past, present, and future," Evolutionary and Institutional Economics Review, Springer, vol. 17(1), pages 71-92, January.
    20. Ronald Schettkat, 2018. "The Behavioral Economics of John Maynard Keynes," Schumpeter Discussion Papers sdp18007, Universitätsbibliothek Wuppertal, University Library.

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