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Время-Деньги. Теория Девальвации Ценностей
[Time is money. Theory of Devaluation of Values]

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  • BLINOV, Sergey

Abstract

The article describes “the theory of devaluation of values” developed by the author. In accordance with this theory, economic growth takes place using two inter-connected phenomena: a) reduction in time necessary for “the set of benefits (goods) currently consumed” to be produced, on the one hand (first form of values devaluation) and b) using the free time to produce additional benefits (goods), as a result of which a new set of benefits is created, a new “living standard” (second form of values devaluation), on the other hand. The theory allows the fallacy of identifying utility with wealth to be proved, for example, the article shows that “marginal utility” is equivalent to the “degree of poverty". The importance of time is stressed, as well as the interconnection between the free time in natural economy and savings in modern money economy. The theory allows one to take a new view of the economic history, the theory of economic growth, the theory of international trade.

Suggested Citation

  • BLINOV, Sergey, 2013. "Время-Деньги. Теория Девальвации Ценностей [Time is money. Theory of Devaluation of Values]," MPRA Paper 51534, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:51534
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    More about this item

    Keywords

    value; productivity; time; marginal utility; wealth; economic growth;
    All these keywords.

    JEL classification:

    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles
    • D60 - Microeconomics - - Welfare Economics - - - General
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General

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