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Time Dimension, Opportunity Cost And Market Behavior

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Chapter Summary

This chapter demonstrates the Scriptural and Talmudic approach toward the time phenomenon and, in particular, the utilization of time as an economic vehicle with respect to ?time preference"-the placing of a higher value on present rather than future goods; ?waiting time"- the Talmudic theory of interest; ?lost time"-the Talmudic theory of foregone opportunities or opportunity cost, the remarkable evaluation of the same, and the subtle distinction between ?waiting time" and ?lost time." It explains the economic significance of the concept of Agar Natar as it relates to the category of ?waiting time." The chapter also describes the doctrine of Agar Bʾteilah (which is the Aramaic equivalent of the Hebrew Sʾkhar Bʾteilah), defined as ?lost time." The author's objective is analytic not halakhic (legal).

Keywords: Adam Smith; economic time; market behavior; opportunity cost; Sʾkhar Bʾteilah; Talmudic literature; Torah



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