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The arrow of time in economics: from Robinson's critique to the new historical economics

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  • Michael Turk

Abstract

How time is comprehended in economics is central to the type of discipline to which economics is analogized. Rejecting the symmetrical notion of time in classical physics, Joan Robinson emphasized the importance of 'historical time', and hence history. A new generation of economists - including Paul Krugman, Paul David, and Brian Arthur - took up Robinson's challenge, seeking to create a new historical economics by relating random or 'accidental' historical events in different ways to the necessity of economic rules, and finding that, as Robinson saw, scale effects were crucial. Their efforts, however, fell short of integrating history into economics.

Suggested Citation

  • Michael Turk, 2010. "The arrow of time in economics: from Robinson's critique to the new historical economics," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 17(3), pages 471-492.
    • Handle: RePEc:taf:eujhet:v:17:y:2010:i:3:p:471-492
    DOI: 10.1080/09672560903204981
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    Cited by:

    1. Ron Wallace, 2017. "The Signature of Risk: Agent-based Models, Boolean Networks and Economic Vulnerability," Economic Thought, World Economics Association, vol. 6(1), pages 1-15, March.
    2. Samman, Amin, 2011. "History in finance and fiction in history: The crisis of 2008 and the return of the past," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 12(3), pages 26-34.

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