Value, Time and Capital (Paperback)  | Released: 22 Oct 2019

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.About the Author: Pascal Blanqu is Chief Investment Officer for a major international asset management company. He formerly served as Chief Economist for a large international banking group. With a dual background as both an academic and practitioner, he has focused his work on monetary issues, the functioning of financial markets and the philosophical foundations of economics.