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The Economic Case Against Time Travel: Using Science Fiction Ideas to Emphasize Economic Processes in the Classroom

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  • John R. Swinton

Abstract

I describe a though experiment in which students can consider the importance of the profit motive, the passage of time, and the dissemination of information in various markets by imagining that time travel is possible. The thought experiment allows students to conclude that because the economic conditions that would result from time travel do not exist outside of the theoretical market models, certain types of time travel cannot exist. But, more importantly, it provides a tool to help students think more deeply about the assumptions of the economic models presented. JEL Classifications : A1, A2, D8, I20

Suggested Citation

  • John R. Swinton, 2022. "The Economic Case Against Time Travel: Using Science Fiction Ideas to Emphasize Economic Processes in the Classroom," The American Economist, Sage Publications, vol. 67(2), pages 241-253, October.
    • Handle: RePEc:sae:amerec:v:67:y:2022:i:2:p:241-253
    DOI: 10.1177/05694345221074358
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    References listed on IDEAS

    as
    1. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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    More about this item

    Keywords

    information; teaching equilibrium concepts; time travel;
    All these keywords.

    JEL classification:

    • A1 - General Economics and Teaching - - General Economics
    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty
    • I20 - Health, Education, and Welfare - - Education - - - General

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