Time and Equilibrium

  • Randall Bausor
Part of the Recent Economic Thought book series (RETH, volume 8)


All living things experience the fleeting caress of time. It brushes all our affairs as we grow, mature, age, and die. Living each moment, our days irretrievably pass away, and although everyone experiences time’s flow, authentic analysis, or even speaking of it, remains difficult. Perceiving time only as we rush along with it, we can never step back to reflect upon it. Nevertheless, economists cannot proceed without addressing time’s central role in volition, choice, and action. Just as time permeates our lives, it must permeate our discourse. By imposing a particular structure on us, it imposes an analogous structure on any truly dynamic economics.


Historical Time Competitive Equilibrium Price Vector Price Expectation Historical Continuity 
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© Kluwer-Nijhoff Publishing, Boston 1986

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  • Randall Bausor

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