Page 21 - Azerbaijan State University of Economics

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

that in economic situation time is not developing in linear form, but has spiral form.

Economic time

Economic development

Progress The degree of time
“density” (maximum)

Stagnation
minimum

Regress >
“microscopic” density

Transition No relation
period Time is in “silence”

Short, medium and long term cycles

Time “spiral”

Picture 6. The simlified scheme of correlation between the economic substance and time

The density of the economic time is also changes in accordance with the direction of this
time spiral. At the same time, the increase in the time density incurred not in the beginning and

during the economic process, but at the end of that process. The source for this increase is

conformity between the movement and destination or in other words it is in acceleration of the
time flow. In other words, the higher the speed the higher the density is. However, it does not

mean that the speed of economic time can increase endless. The endless acceleration of the
economic time is meaningless, it can bring about large consequences and it is impossible from

physical point of view… Nowadays the reason for the processes taking place in developed
countries is explained by the ignoring this matter.

From the wide economic point of view the unreasonable acceleration created by the

economic process brings about the exaggeration of “coincidences”, breach of the functional

20