Many textbooks claim that the relaxation time for the approach to electrostatic equilibrium is ε0/σ. We show that, for a good conductor, this claim is false. For such a conductor, the approach to the electro- and magneto-static equilibrium hinges on the damping of the induced dynamic electric and magnetic fields. The relaxation time depends on the conductivity, the geometry of the conductor, and the details of the initial charge distribution.
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Hans C. Ohanian (1983) studied this question.