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Time Is Money. Theory of Value Depreciation

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  • BLINOV, Sergey

Abstract

The article describes “the theory of value depreciation” developed by the author. In accordance with this theory, economic growth takes place using two inter-connected phenomena: (a) reduction in time necessary to produce “the set of goods currently consumed” (first form of value depreciation) and (b) using the free time to produce additional goods, as a result of which a new set of goods is created, a new “living standard” (second form of value depreciation). 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. "Time Is Money. Theory of Value Depreciation," MPRA Paper 51902, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:51902
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    File URL: https://mpra.ub.uni-muenchen.de/51902/1/MPRA_paper_51902.pdf
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    References listed on IDEAS

    as
    1. Gregory Clark, 2007. "Introduction to A Farewell to Alms: A Brief Economic History of the World," Introductory Chapters, in: A Farewell to Alms: A Brief Economic History of the World, Princeton University Press.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. BLINOV, Sergey, 2014. "Causes of the British Industrial Revolution," MPRA Paper 53642, University Library of Munich, Germany.
    2. BLINOV, Sergey, 2014. "Okun’s Law, Employment Paradox and Impact of Unemployment on the Economy of the USSR and Russia," MPRA Paper 55220, University Library of Munich, Germany.
    3. BLINOV, Sergey, 2015. "Real Money and Economic Growth," MPRA Paper 67461, University Library of Munich, Germany.

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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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