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This study introduces 'time-specific' analysis of economic processes. Economic processes are conventionally analysed from one point in time to another over a series of time units - days, weeks, or years. By contrast, these time-specific models focus on the temporal character of events within the unit time - their timing, duration, and sequence - utilizing the information that is lost in the macroscopic time perspective of standard economic theory. What time-specific analysis reveals are economic and technological characteristics of goods and services - prices and cost behaviour and temporal mobility or immobility within the unit time - that affect capital productivity and its utilization, optimal schedules of production, work, and consumption, least-cost methods of producing time-shaped outputs, and efficient welfare-maximizing behavior in time-specific, including peak-load, markets.

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Book Details

ISBN: 9780521070928
ISBN-10: 0521070929
Format: Paperback
(228mm x 152mm x 20mm)
Pages: 360
Imprint: Cambridge University Press
Publisher: Cambridge University Press
Publish Date: 28-Aug-2008
Country of Publication: United Kingdom

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