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Nuevo borrador, junto a Peter Lewin, en torno a la relación entre finanzas y teoría del capital. En este ya quinto paper discutimos menos el problema de ciclos económicos y nos enfocamos más en teoría del capital, incluyendo el problema de “reswitching.” El paper es un review de los temas que hemos tratado con algunos nuevos comentarios.


All human action takes place in time, and with an awareness of time. We make choices in the present with a view to the future. Choices imply valuation, and the relative value to us of the things we choose depend crucially on the their connection to time. We discount the value of things depending on how long we have to wait for them. This well-known phenomenon is called the time-value of money.

When contemplating multiple receipts or payments distributed over time, if we need to judge the effect of the influence of time on the each of the values received or paid, we need some way to value the time periods involved. We may call this the money-value of time. A particular approach to capturing this idea has been developed in the finance literature, known as ‘duration’. Similar considerations can be found in the economics literature in the area of capital-theory.

In this paper we explore the interaction between these two phenomena.

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