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<P><FONT color=#800080>Economics in Real Time: A Theoretical Reconstruction (Advances in Heterodox Economics) </FONT></P>

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<P>Publisher:   University of Michigan Press<BR>Number Of Pages:   228<BR>Publication Date:   2003-12-16<BR>Sales Rank:   1900078<BR>ISBN / ASIN:   0472113577<BR>EAN:   9780472113576<BR>Binding:   Hardcover<BR>Manufacturer:   University of Michigan Press<BR>Studio:   University of Michigan Press<BR>Average Rating:   5</P>
<P><BR>By incorporating real time into the analysis of sales and purchases, the phenomena of product innovation, advertising and distribution, the provision of consumer credit, and, ultimately, the production of a changing workforce all become intrinsic to microeconomic analysis.<BR>In mainstream economics the series of purchases, say, of a personal computer, then of software upgrades, peripherals, on-line services, and so on are analyzed as discrete transactions. McDermott instead links such purchases withing a "sale/purchase state" occupying the period beginning with the initial purchase of the PC and ending only when all of the PC's services have been exchanged to the buyer. In transforming the analysis of contemporary sales and purchases, Economics in Real Time draws a radically diferent picture of the terrain of a modern economy.<BR>John McDermott is Professor Emeritus of Labor Studies at the State University of New York, Old Westbury.<BR> </P>
<P>Review:</P>
<P>Offers a new and intellectually impressive paradigm</P>
<P>Economics In Real Time: A Theoretical Reconstruction by John McDermott (Professor Emeritus, State University of New York) offers a new and intellectually impressive paradigm to describe and encapsulize contemporary economic fluctuations that takes into account changes that have been observed since the neoclassical and Marxian microeconomic theories created over a century ago. Involving the progression of real time in its scrutiny of sales and purchases, product innovation, changing efficiency of advertising and distribution, the proliferation of consumer credit, and more, Economics In Real Time drives home a new and recommended way to examine and understand rapidly changing economic interactions.</P>