Page 7 - Azerbaijan State University of Economics

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

It is obvious that the economic substance can be viewed from different points of view:

social, political, cultural and etc. In any case the complexity of measurement units and “strange”
patterns within its flow makes the substance of the economic time much more complex. The

“complexity” comes from the multi-metrical substance of the economicA time. The economic
substance consists of two parts: material and mental. The material part reflects the biological,

physical, psychological processes, which are determined from genetic point of view. The mental
component is the main reason for the methodology problems of determination of the economic

time. There is no other substance which is closer to mental substance of the economic time than

the direct personal, inter-personal, sensual relations and the purpose relations between the
people. This aspect of the time makes it possible to manipulate the time, “return” the time,

“return” the past or create the syndrome of “futurelessness”. The syndrome of “futurelessness”,

i.e. the possibility that the future will not come is currently widely spread in the economics. In
order to see it you need just transfer the economic substance to the global level.

The economic time consists of small parts. There is problem of its matching with the
calendar one. The economic time is in form of flowing process. From this point of view the

short-term process represents the “moments”, the medium-term process represents the “present”
of the economic system and the long-term process covers the entire structural changes within the

process and reflects the future of economic system. As we can see there is not “past” in this

sequence. The economic system works “today” and “in the future”. Therefore it would be wrong
to accept the artificial division of time chain as a separate time intervals. In other words, from

economic point of view the question “how it was in the past?” was artificially inflated. From
substance point of view there were two basic questions which did not lose their actuality

throughout the history of mankind: How is it “now”? and how it will be in the future?
From this point of view, what is the meaning of speculation with the inheritance principal is

still an open question. What kind of inheritance point can be viewed in example of the countries

experiencing the systematic changes? If the system is significantly changing and the previous
system does not reflect any consistent patterns, that where can we see the inheritance principles?

The abstraction which we call the “economic process” in reality is a substance which

reflects definite directions, definite interests and processes which can be definitely measured. From
this point of view it can be referred as meta-process. From location point of view meta-process

reflects the global level, the macro, mezzo and micro levels are reflected in its sub-systems.

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