Page 26 - Azerbaijan State University of Economics

A.I.Bayramov:Economic time from methodological point of view: anatomy of conceptual vision

The evaluation of the effectiveness of the utilization of economic time as resource can be

made from two aspects:
1. The efficiency of certain factor during certain period of time:

F
f
t

E – efficiency;

F- certain factor;

t - time (length of interval).

2. The efficiency of the economic time itself:

E i/f = F v/I * D ö/v

E i/f – efficiency of the economic time;
F v/i – wastages incurred during the utilization of factor; efficiency of factor utilization;

D ö/v – timely implementation of qualitative changes.

The efficiency of the economic time is not endless. The existence of time limits both from
empiric and theoretical points of view make the limitlessness of time efficiency impossible.

As we can see from the formula, factor efficiency reflects the quantity and changes reflect
the quality. It means that:

 The efficiency of utilization of the economic time as resource directly depends on two factors;
 Sudden changes do not bring about qualitative changes.

The main point here is what is changed in quantitative terms… For example, during the

transition to the post-industrial society the major role play the information technologies…
Thus from the development goal point of view, if the efficiency is increased quantity of the

information technology, then we should expect qualitative changes in condition of other factors
being adequate…

Notwithstanding the excessive complexity, multi-measurement, controversy of hierarchical

structure and etc., the efficiency of time utilization can be measured:
If there is positive correlation between the level of free time and growth levels and increase

in welfare, then we can conclude that the efficiency of economic time utilization is at high level.

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