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Normal Value

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  • Vahabi, Mehrdad

Abstract

This paper explores Alfred Marshall's concept of Normality and its relevance in understanding time in economic change. Natura non facit saltum or the incremental change of time is compatible with partial equilibrium and reveals a tension between two notions of time: ex ante vision of time and ex post vision of time. The former describes entrepreneur's temporal profile and the latter captures analyst (economist)temporal horizon.

Suggested Citation

  • Vahabi, Mehrdad, 2009. "Normal Value," MPRA Paper 69388, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69388
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    File URL: https://mpra.ub.uni-muenchen.de/69388/1/MPRA_paper_69388.pdf
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    References listed on IDEAS

    as
    1. David Reisman, 1986. "The Economics of Alfred Marshall," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-08515-6, October.
    2. Vahabi, Mehrdad, 1998. "The Relevance of the Marshallian Concept of Normality in Interior and Inertial Dynamics as Revisited by Shackle and Kornai," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(5), pages 547-572, September.
    3. Mehrdad Vahabi, 1998. "The Relevance of the Marshallian Concept of Normality in Interior and in Inertial Dynamics as Revisited by G. SHACKLE and J. KORNAI," Post-Print hal-00629181, HAL.
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    Cited by:

    1. Schlicht, Ekkehart, 2005. "Normality as a Theoretical Concept," Discussion Papers in Economics 649, University of Munich, Department of Economics.

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    More about this item

    Keywords

    Normality; normal equilibrium; time; ex ante and ex post vision of time; incremental change;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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