TIME, A FORM OF WEALTHGopinath VadirajaRao Bangalore
Economic History from EconWPA Abstract: Time fulfils following conditions to qualify as wealth. 1)Time can be expressed in Units. 2)Time can be changed to other forms of wealth. 3)Like all other forms of wealth, time moves from higher concentration to lower concentration till equilibrium is reached. 4) Like all other forms of wealth, time is soluble in this universal solvent- UTILITY. The science that deals with nature, properties, laws and classification of wealth is yet unnamed. This branch is similar to chemistry. Concept of time as a form of wealth leads one to take first step in classying wealth. Wealth can be broadly classified into: 1) Current Wants (consisting of goods and services that an economic entity wants to possess) 2) Current means (Consists of money and money related forms of wealth) 3) Future wants and 4)Future means. When wants are more and means are few, current wants may be changed to future wants or cheaper wants may substitute costlier wants or furure means(loans and credit) may be cashed or converted into current means. Wants and means can neither be created nor be destroyed but can be changed from one form to another. Keywords: Law of Conservation; Law of Equilibrium; Wants and Means (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpeh:0507001 Access Statistics for this paper More papers in Economic History from EconWPA |
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