Product Description: A PDF version of this book is available for free in open access via www.tandfebooks.com as well as the OAPEN Library platform, www.oapen.org. It has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 3...read more

Standard economic theory of consumer behaviour considers consumers' preferences, their incomes and commodity prices to be the determinants of consumption. However, consumption takes time and no consumer has more - or less - than 168 hours per week. This simple fact is almost invisible in standard theory, and takes the centre stage in this book. Whether one is 'money-rich but time-poor' or is 'money-poor and killing time', both money and time considerations matter. Recognition that consumers are subject to both time and expenditure constraints makes a real difference to the economic theory of consumption. 'Two-constraint' theory is genuinely different in various respects from the familiar one-constraint theory. Income effects, substitution effects etc. have to be reconsidered, expenditure functions have to be redefined, and the results are sometimes surprising. It is not only the positive theory of consumption and labour supply that must be reworked, welfare economics too changes significantly when time constraints on consumption are given their proper due. The focus on time not only changes the comparative states of consumer theory, but it also overcomes some of the more artificial barriers between social theory and practical, everyday matters of altruism and interpersonal decision taking.

Product Description: 'These new editions of the collected works of leading British economists are most welcome. They will make available many writings of the greatest interest and importance which have all been too rare or inaccessible, and which all good libraries, not to mention individual scholars, need to have on their shelves' -Terence Hutchison'The collection of the main economic works of 'the purist of marginal theory', as Sraffa called him, is to be recommended to all historians of economic thought and to economic theorists interested in the contribution of one of the main precursors of modern microeconomic theory...read more

Product Description: First published in 1995. Routledge is an imprint of Taylor & Francis, an informa company.

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Product Description: Studies the role of time in microeconomic theory

Product Description: In 1960, Piero Sraffa's Production of Commodities by Means of Commodities considered the fundamental issues that had been ignored in some existing theories of capital, value and distribution, and by doing so he laid the foundations for a critique of the marginal theory of value and distribution...read more