Consumption Takes Time: Implications for Economic Theory (Graz Schumpeter Lectures, 4)

Book Cover......Page 1
Half-Title......Page 2
Title......Page 4
Copyright......Page 5
Dedication......Page 6
Contents......Page 7
Foreword......Page 8
Preface......Page 9
1  Consumption takes time......Page 11
Textbook consumption theory......Page 12
Brief references to some literature......Page 13
Time as a context......Page 14
Two-commodity case......Page 15
Three-commodity case......Page 17
Non-linear time constraint......Page 19
Rates of consumption......Page 20
Satiation and general equilibrium......Page 22
Work, consumption and ‘leisure’ times......Page 23
Concluding remarks......Page 25
Gossen on the uses of time......Page 26
Selected responses to Gossen’s gem......Page 28
Georgescu-Roegen on Gossen......Page 30
Forgetting the forefather?......Page 33
Comparative statics......Page 36
Many time-uses......Page 38
Concluding remarks......Page 39
The basic case and its simplification......Page 40
Further discussion......Page 43
Preference loops on the time-constraint plane......Page 45
The expenditure function......Page 47
A specific expenditure function......Page 49
Comparative statics of time-use......Page 50
Cobb-Douglas preference loops......Page 53
From time use to commodity use......Page 55
Other forms of the C matrix......Page 58
Demand relations in commodity space......Page 59
Rates of consumption (and characterization of choices)......Page 61
Availability without consumption......Page 67
Non-linearities and non-convex consumption sets......Page 68
Intertemporal consumption theory......Page 72
Work and leisure......Page 73
Concluding remarks......Page 76
The basic case......Page 78
Rates of consumption......Page 79
Availability......Page 81
Pareto efficiency and competitive equilibria......Page 82
Three commodities......Page 86
Production......Page 87
Liberal welfare economics......Page 88
Concluding remarks......Page 89
A generalization......Page 91
Risk and uncertainty......Page 95
Space, location and travel......Page 97
Intrinsically-valued and result-valued activities......Page 100
Doing two things at once......Page 101
Repetition and Gossen’s second law......Page 102
Practising......Page 104
Set-up times......Page 105
Sleep......Page 107
Endogenous T......Page 109
Shared activity......Page 111
Time-use surveys......Page 114
Some broader considerations......Page 115
‘Time, that most valuable wealth’ (Alfred Marshall, 1873)......Page 116
Decision-making......Page 117
Satiable preferences......Page 118
Wider still......Page 121
Concluding remarks......Page 122
Not the last word......Page 123
Bibliography......Page 124
Name index......Page 126
Subject index......Page 128