On Time
Lectures on Models of Equilibrium

In these two lectures Peter Diamond explores how time is modelled in theoretical analyses of individual industries and of an entire economy.

Peter A. Diamond (Author)

9780521119764, Cambridge University Press

Paperback, published 17 September 2009

136 pages
21.6 x 14 x 0.8 cm, 0.18 kg

In these two lectures, first published in 1994, Peter Diamond explores how time is modelled in theoretical analyses of individual industries and of an entire economy. In the first lecture he considers equilibrium in a single market by examining the distinction between the short run and the long run in Marshallian analysis. He proposes an explicit modelling of time in place of Marshall's use of different atemporal models for different time frames. In the second lecture he turns to models of an entire economy, and begins by considering how and why models of an entire economy should differ from models of a single industry. Both cyclical and seasonal data on the behaviour of macro-economies are examined.

Preface
Lecture I. Modelling an Industry: 1. Short run and long run
2. Pricing
Lecture II. Modelling an Economy: 3. Short run and long run
4. Money, income and credit
References
Index.

Subject Areas: Economic theory & philosophy [KCA]