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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