Page 5 - Azerbaijan State University of Economics

THE JOURNAL OF ECONOMIC SCIENCES: THEORY AND PRACTICE, V.70, # 2, 2013, pp. 4-31

ECONOMIC TIME FROM METHODOLOGICAL POINT OF VIEW: ANATOMY OF
CONCEPTUAL VISION

Prof. Dr. Avaz Islam Bayramov
Vice-Rector for Science and Innovation
Azerbaijan State Universitty of Economics
E-mail:a.bayramov@aseu.az

Received 6 February 2013; accepted 10 October 2013; published online 25 December 2013

If you ask me what the time is, I know the answer
If I want to explain you, then I don’t know.
Augustin Aurelius (354-430)

Abstract

One of the most problematic areas in the economy is existence of inconvenience related to

understanding of the notion of economic time. This article was dedicated to anatomic description
the aspects of economic time. The research has eclectic characteristics and was based on

disclosure the notion of phenomenon.

The basic limitation identified during the research process was the absence of the metric
unit for the economic time. The basic innovation of this work was reveal of various “behavioral

types” of economic time in various societies, the existence of economic time in form of complex
hierarchy structures of external forms and variety of levels with the various processes.

The conceptual view to the problem let us evaluate it both from quantitative and qualitative

aspects.
Key words: time, society, post-modernism, modernism, liquidity, model.

JEL Classification Codes: B41

Introduction

The changing processes within the existing global economic system incurred in the
diametric direction.

The many manifestations, eventually penetrating into the essence of economic phenomena,
leading to further multi-faceted "different" economies.

The many manifestations, eventually penetrating into the essence of economic phenomena,

leading to further multi-faceted "different" economies. Identification of “common denominator”
suitable for all states existing in various economic times is still impossible. The situation is in

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