Value, Time and Capital: A Theory of Progressive Economy - Softcover

This theoretical framework incorporates psychological time in the analysis of surpluses and of the resulting equilibrium in the wake of Walras, Dupuit, Pareto, Marshll, Hicks and Allais. The concept of substitution, together with the resulting dynamic of the marginal rate of substitution, are redefined on the basis of the specific referential of a psychological nature, which constitutes the economic subject and its action, and is structured by duration, memory and forgetfulness. Although we appear to be substituting goods, quantities and physical matter—and this is often the case—it is always a question of substituting time, value-times, matter-time, units of memory and duration.