chapter
6 Pages

TIME IN ECONOMICS

The elaboration of economic models and policies to incorporate the constant flux in economic conditions.

In classical economics long periods of time were analysed as part of a project on economic growth. Smith, Ricardo and Marx looked at the relationship between wages, rent and profit as time passed. There was a fear that economies could be heading to the stationary state of zero economic growth. JS Mill, writing in his Principles on the future of the working classes, was exceptional among his contemporaries for questioning the benefits of continuous economic growth if there were a suitable distribution of income.