Page 6 - Azerbaijan State University of Economics

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

such complex condition that there is linear correlation between the probability of fast economic

growth and probability of crisis occurrence.
The problem is much more complicated by the impossibility to predict the direction of the

flow of the economic processes. Thus identification the full cycle of the economic process and
the same time reveal of the reasons behind its waved “chain” form created the large hampers

during the research process. In some cases we are even not able to adequately assess the change
processes themselves and their directions…

All previous works dedicated to this topic accumulated the information about the time

flow. At the same time these works show the effect of the problem on our lives, but not the
problem itself: does the time really flow? If yes, than under what kind of rules this flow occurs?

And… if the time in endless, that whether the overproduction of the time is existing? If

yes, what is its meaning? If no, what is the source for the existence of endlessness?
Are there any correlations between dynamics of the time, its change process and change

frequency? Or what is a variable there? All these questions remain to be a “headache” of the
economic science.

The phenomenon of economic time
The existence of multiple aspects of economic phenomenon and complex relations between

the causality, functionality and structural relations creates the number of problems with much

more complex resolutions.
Economic time is:

Socio-natural, socio-economical and socio-cultural phenomenon;

The phenomenon created by the inter-systematic relations;
The most scarce and expensive resource. Demand is unlimited and supply is limited;

Not able to accumulate as traditional resources. It is impossible to reserve some interval

of economic time.
Eligible for “regulation” and “management”. However it is not in ownership of one

particular entity.
Karl Theodor Jaspers in his book named “The Origin and Goal of History” [Jaspers K.

1994] says that the hegemony of “present time” makes the life style and mental activity as
“technical ability”… In reality, only unity of present and past time and at the same time unity of
memories and ideas accounts for the real meaning of the presence…

5