7 Time in macroeconomics
Mogens Ove Madsen
Introduction
What is time? Let us start by asking the philosophers. Most philosophers agree that time exists, but disagree on what it is. Not surprisingly, the ancient Greek philosophers were preoccupied with the question: A moving image of eternity, says Plato. No, time is the number of motion in respect of before and after, says Aristotle. Nonsense, says Philon, time expresses only something about a number of days and nights, or Cicero, invoking the divine: Time is the god who put into place the years and days.
Just this small selection of statements about time illustrates that time is not easy to define or handle at all – it is not possible to refer to a more basic ...
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