Page 23 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE

considered and it is accepted as non-stop continuing process flow. The

economic concept of “present” and “past” should be specifically
considered. The investigation process should take into the account the

cycle, continues and discrete nature of the economic time. Investigations
which relay only on continues nature of the process fail to identify the

real causality. At the same time consistency of causality identified “by a

chance” and the real flow of the process can interpret the results only for
the very short period of time, therefore it leads to identification of wrong

mechanisms. For example the Fillips curve.
At the same time such a misleading concept as “current era”

nowadays is one of the most widely applied ones. The processes

identified in the close past cannot be simply applied to the current
situation. If we accept the previous “now” as current and apply to the

current situation, we consider that conditions of the previous “now” are
still applicable. That’s why the concept of “now” is interpreted in

different ways for different direction of the activity [Mises. 2005: 97].
On economic level the process of causality – condition – result can

select different path throughout the process flow, which depends on

dynamics of the conditional changes.
Economic time has a feature of division into the short, medium and

long-term intervals.
For example, effective from XVI century the era of modernism is

still on-going. At the same time this process is not of global feature.
Thus in developed countries the era has been already completed and the

period of post-modernism was already started. However some countries

(countries on the South of Sahara desert) modernism era has been not
started yet. Here economic time covers the period necessary from the

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