Time and Change in Economics

Abstract

After World War II, astonishing dynamic economic phenomena occurred. The two countries — West Germany and Japan — which were seriously destroyed (at least physically) during the war, have been rebuilt and developed at much faster speeds than the countries which won the war. Since the end of the war some countries have experienced strong economic growth, fast urbanization and numerous economic opportunities, although large (irregular) fluctuations sometimes characterize this development Even in the same country different regions have shown great variations in economic development. The differences may be so large that one may think that people from different places are not living in the same country. It cannot be denied that time and space have played a deterministic role in forming and changing the characteristics of individuals and societies.

The difficulty lies, not in the new ideas, but in escaping from the old ones, which ramify, for those brought up as most of us have been, into every corner of our minds.

J.M. Keynes (1936)