Page 8 - Azerbaijan State University of Economics

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

Economic time

Society during pre- Industrial society Society during post-
industrialism period industrialism period

Economic time
Time as the reflector of the change process

Descriptive Time is a
approach resource

The term of time
Chronology interval

- Time is as an economy
- time is an element - Economic time
measuring the age (abstraction)
- time is a parameter - System’s time
- time is a rule
- Element’s time
- Calendar’s time

Picture 1. Different utilization of economic time in the different societies

In order to eliminate the discomfort related to definitions we can apply the variety of the

mentioned above levels to the economic time as well. Economic time is one of the three basic
conditions of its formation and the normal flow. In order to prevent the meta-process from the “blind

valley” all sub-processes should be synchronized (both in vertical and horizontal directions)!
Even I.Progojin wrote that along with the normal dynamic time there is “internal time”

within the macro system which has an ability to affect the whole system.

In other words, each economic process has its “own” economic time. Such types of views
were presented in the works of A.Levanov, E.Mayminas, Y.Farinas, R.Belousov [Belousov R.

1992] and etc. Although the unity of time and location within the one economic process is

widely accepted, the unity within the activity mechanism itself is absent. For example, there is
number of proofs regarding the nature of time’s non-recoverability. My point of view regarding

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