Work detail

The Fourth Concept of Time in Economic Theory

Author: Mgr. Martin Čihák
Year: 1996 - summer
Leaders: † prof. Ing. Milan Sojka CSc.
Work type: Economic Theory
Language: Czech
Pages: 92
Awards and prizes: Josef Hlávka Award
M.A. with distinction from the Dean of the Faculty of Social Sciences for an excellent state-final examination performance and for an extraordinarily good masters diploma thesis
Abstract: The diploma thesis discusses the concept of time in the economic theory.
It provides a critical review of the prevailing three concepts of time in
economics (historical time, mechanical time, and logical time) and
concludes that they do not adequately reflect the methodological
individualism of present-day economics. This critique is followed by a
discussion of an individualistic concept of time, based on knowledge sets
of economic agents. The author argues that this concept of time can be
viewed as a re-formulation of the concept of uncertainty in the economic
theory. Several applications of this new, "knowledge-based" concept of
time are presented.




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