Time in Economics vs. Economics in Time. The ‘Hayek Problem

Boland, L.A. “Time in Economics vs. Economics in Time. The ‘Hayek Problem.’” In The Canadian Journal of Economics (Canadian Economic Association) Toronto, 2, no. 2 (1978): 240–262.


“Several notable writers have recently charged that neoclassical economics is ‘timeless.’ But strictly speaking neoclassical economics is not timeless. Indeed, several types of neoclassical models treat time explicitly. The proper question to ask is not whether neoclassical economics is timeless but whether its treatment of time is adequate. Whether it is adequate can only be determined with respect to a specific problem. As Hayek recognized many years ago, how time is treated is an important aspect of any explanation of historical change.”