Re: Alfred Marshall -Reply

["Roger Koppl" <KOPPL@xxxxxxxxxxxxxxx>]

A post by Ric Holt on this thread refers to the "`logical' time of
the Austrian economists"  which is contrasted with "historical" time.
I think a more thorough reading of the Austrian stuff would reveal
that it really does work mostly in "historical" time.  Indeed, an
important book by O'Driscoll and Rizzo, "The Economics of Time and
Uncertainty," (Basil Blackwell 1985; soon to be re-issued by, I
think, Routledge), makes quite a fuss over the difference between
"real" or "Bergsonian" time and "Newtonian" time.  They prefer, of
course, "real" time.  One of their big sources in this is, besides
Bergson, Alfred Schutz.  (Schutz's American career was spent at the
New School and he inspired "ethnomethodology."  But back in Vienna,
he was pals with Hayek and Machlup and Mises.)  Even as
"neoclassical" a guy as Fritz Machlup was working in "real" time all
those years, as his fealty to Schutz would suggest.

Roger Koppl