Abstract
Labour input is measured by labour time. If economic systems — similarly to physical systems — move (change) in time, the measuring rod of time itself will change. Dynamic systems involve time in an essential way and so there is no absolute time independent from the rate of change (speed of movement).
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© 1999 Branko Horvat
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Horvat, B. (1999). The Replacement Effect. In: The Theory of International Trade. Palgrave Macmillan, London. https://doi.org/10.1057/9780333983386_7
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DOI: https://doi.org/10.1057/9780333983386_7
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-40784-2
Online ISBN: 978-0-333-98338-6
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