The Gathering Clouds: The Case of Time and Digital Economics
Abstract
This paper examines two fundamental concepts of time in a typical economic process and their importance in digital economics. A model of time in economics and economics in time is developed. It argues that the Newtonian and Austrian models of time in economic analysis create economic vagueness, which has allowed a vacuum preventing mainstream economics from evolving and concludes that the basic or traditional concepts should be revisited in line with the current trends in the several industries so that economics as a body of knowledge is not caught in the dark
Downloads
References
Aguiari, M., Hurst, E., & Karabarbounis, L. (2012). Recent developments in the economics of Time use. Annual Review of Economics, 4(1), 373–397. https://doi.org/10.1146/annurev-economics-111809-125129
Auer, R., & Böhme, R. (2020, March 27). The technology of Retail Central Bank Digital Currency. SSRN. Retrieved August 23, 2022, from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3561198
Bailey, M. C. (2007). Consumption, Time Consumption, Time Preference, and the Life Cycle. https://digitalcommons.usu.edu/digitalcommons. Retrieved August 23, 2022, from https://digitalcommons.usu.edu/cgi/viewcontent.cgi?article=1947&context=honors
Barrdear, J., & Kumhof, M. (2016). The macroeconomics of central bank-issued digital currencies. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.2811208
Batabyal, A. A., Biswas, B., & Bruce Godfrey, E. (2001). The stocking rate versus time in range management: A review of recent theoretical developments. Applied Economics Letters, 8(8), 555–559. https://doi.org/10.1080/13504850010014486
Boland, L. A. (1978). Time in economics vs economics in time: The 'Hayek problem' - JSTOR. https://doi.org/10.2307/134347. Retrieved August 21, 2022, from https://www.jstor.org/stable/134347
Boland, R. J. (2002, May 20). Control, causality and information system requirements. Accounting, Organisations and Society. Retrieved August 21, 2022, from https://www.sciencedirect.com/science/article/abs/pii/0361368279900175
Caragea, C. (2019). Abstraction-Based Probabilistic Models for Sequence Classification. https://doi.org/10.31274/etd-180810-1705
Carter, C. F. (1958, September 1). Time in economics. OUP Academic. Retrieved August 21, 2022, from https://doi.org/10.2307/2227561
Deprez, J. (1985). Time in a multi-industry, fixed-capital world. Journal of Post Keynesian Economics, 8(2), 249–265. https://doi.org/10.1080/01603477.1985.11489563
Eke, C. I. (2016). An-economic-assessment-of-nigerias-smart-phone-data-bundle-consumption.docx. Retrieved August 20, 2022, from https://www.ijser.org/paper/An-Economic-Assessment-of-Nigerias-Smart-Phone-Data-Bundle-Consumption.html
Eke, C. I. (2018). Impact of teledensity on economic growth in Nigeria, 1980 2018. Retrieved August 20, 2022, from https://www.seahipaj.org/journals-ci/sept-2019/IJIFER/full/IJIFER-S-7-2019.pdf
Eke, C. I. (2019). Impact of teledensity on economic growth in Nigeria, 1980 2018. Retrieved August 20, 2022, from https://www.seahipaj.org/journals-ci/sept-2019/IJIFER/full/IJIFER-S-7-2019.pdf
Eke, C. I. (2020). Macroeconomic assessment of our virtual reality. Retrieved August 20, 2022, from https://www.researchgate.net/publication/340429937_Macroeconomic_Assessment_of_our_Virtual_Reality
Eke, C. I., Magaji, S., Obalemo, A. O., & Ezeigwe, G. C. (2020). An economic assessment model of employment dynamics, capacity development and household telecommunication expenditure in Nigeria. Journal of Economics and Sustainable Development. Retrieved August 20, 2022, from https://www.iiste.org/Journals/index.php/JEDS/article/view/51684
Eke, C. I. & Osi, M. U. (2022). ‘Binary’ entrepreneurs, digital macroeconomics and the virtual economy. Journal of Information and Knowledge Management. https://www.iiste.org/Journals/index.php/JIKM/article/view/
Frost, J., Shin, H. S., & Wierts, P. (2020). An early Stablecoin? The Bank of Amsterdam and the governance of money. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3732132
Klein, C. C. (2007, February 2). The Economics of time as a resource, by Christopher C. Klein. Working Papers. Retrieved August 23, 2022, from https://ideas.repec.org/p/mts/wpaper/200712.html
Lietaer, B. (1999). The Future of Money | A Primer on how money works | Bernard Lietaer (1999). Retrieved August 23, 2022, from https://bsahely.com/2019/05/12/the-future-of-money-a-primer-on-how-money-works-bernard-lietaer-1999/
Meyer, J. W. (2002, May 31). On the celebration of rationality: Some comments on Boland and Pondy. Accounting, Organisations and Society. Retrieved August 21, 2022, from https://www.sciencedirect.com/science/article/abs/pii/0361368283900314
OECD. (2022). Digital Economy. Retrieved August 23, 2022, from https://www.oecd.org/digital/ieconomy/
Patruti, A., & Tatulescu, A. (2015). Structural funds as the solution a to the present crisis: Romania--A case study. Review of Social and Economic Issues, 1(2), 50+.
Rohatinski, Z. (2017). Time and Economics. SpringerLink. Retrieved August 21, 2022, from https://link.springer.com/book/10.1007/978-3-319-61705-3
Schneider, M. (2020). Temptation-biased preferences for risk and time. Economics Letters, 193, 109293. https://doi.org/10.1016/j.econlet.2020.109293
Schwab, K. (2016). The Fourth Industrial Revolution - PDF Summary. PocketBook4you. Retrieved August 20, 2022, from https://pocketbook4you.com/en/read/a-quarta-revolucao-industrial
Tony Yu, F. (2020). Expectation, subjective time preference and business cycles. Subjectivism and Interpretative Methodology in Theory and Practice, 121– 136. https://doi.org/10.2307/j.ctvvb7khd.13
World Government Summit. (2015). Retrieved August 23, 2022, from https://www.worldgovernmentsummit.org/observer/reports/2015/
World Trade Report (2021) Economic Resilience and Trade. (2022). Retrieved August 20, 2022, from https://www.wto.org/english/res_e/booksp_e/wtr21_e/00_wtr21_e.pdf
Yoshida, M. (2001). Disentangling risk and time. The Economics of Risk and Time. https://doi.org/10.7551/mitpress/2622.003.0028
Copyright (c) 2023 Chukwuemeka Ifegwu Eke, PhD, Mary Uchechukwu Osi
This work is licensed under a Creative Commons Attribution 4.0 International License.
