Time and Economics The Concept of Functional Time
This book links the philosophical perception of time and Einstein’s theory of special relativity to economic processes, showing that the phenomena of time dilation and length contraction seen in physics can be identified within – and adapted to – an econo
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Željko Rohatinski
Time and Economics
Željko Rohatinski
Time and Economics The Concept of Functional Time
Željko Rohatinski Zagreb, Croatia
ISBN 978-3-319-61704-6 ISBN 978-3-319-61705-3 (eBook) DOI 10.1007/978-3-319-61705-3 Library of Congress Control Number: 2017951018 © The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. Cover illustration: GoodGnom / Getty Images Printed on acid-free paper This Palgrave Macmillan imprint is published by Springer Nature The registered company is Springer International Publishing AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland
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Foreword
From my first encounter with Željko Rohatinski, just over a decade ago, I was captivated by his unorthodox ideas that often ran counter to conventional wisdom. The meeting was in 2006 in the centuries-old seaside town of Rovinj on the Istrian coast. Rohatinski, then governor of the Croatian National Bank, was giving a lecture in which he warned of the dangers of bubbles in financial and real estate markets. Rohatinski had already been talking about the unsustainable financial and macroeconomic trends in the domestic and international environments for several years, emphasizing that central banks should focus on overall price and financial stability, but even in 2006 he remained one of the few economic leaders voicing this view. Two years later, the burst of these bubbles was a crucial factor in the 2008 global economic crisis. Rohatinski’s “out of the box” thinking has punctuated a long and illustrious career as an economist and policymaker in the public and private sectors. This was recognized when The Banker magazine, a publication of London’s Financial Times, named Rohatinski Central Bank Governor of the Year of the World and Europe for 2008 for his pioneering work
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