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On Time : Lectures on Models of Equilibrium

Book Details

Format Hardback
ISBN-10 0521462894
ISBN-13 9780521462891
Publisher Cambridge University Press
Imprint Cambridge University Press
Country of Manufacture GB
Country of Publication GB
Publication Date Oct 6th, 1994
Print length 136 Pages
Weight 312 grams
Dimensions 21.90 x 15.20 x 1.70 cms
KSh 19,600.00
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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. Both cyclical and seasonal data on the behaviour of macro-economies are examined.
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.

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