In these two lectures Peter Diamond explores how time is modeled in
theoretical analyses of individual industries and of an entire
economy. In the first lecture he considers equilibrium in a single
market by examining the distinction between the short run and the
long run in Marshallian analysis. He proposes an explicit modeling
of time in place of Marshall's use of different atemporal models
for different time frames. A model with different expansion paths
for different firms and models of price competition with incomplete
information are presented. Data on job creation and destruction and
data on price changes are examined. In the second lecture he turns
to models of an entire economy, and begins by considering how and
why models of an entire economy should differ from models of a
single industry. Both cyclical and seasonal data on the behavior of
macro-economics are examined. The Arrow-Debreu and Hicksian ISLM
models are compared with explicit-time models of the command over
purchasing power. Professor Diamond ends by indicating a direction
for future research that might yield a more integrated economics.
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