IDEAS home Printed from https://ideas.repec.org/p/wpa/wuwpeh/0507001.html
   My bibliography  Save this paper

Time, A Form Of Wealth

Author

Listed:
  • Gopinath VadirajaRao Bangalore

    (No affiliation)

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.

Suggested Citation

  • Gopinath VadirajaRao Bangalore, 2005. "Time, A Form Of Wealth," Economic History 0507001, EconWPA.
  • Handle: RePEc:wpa:wuwpeh:0507001
    Note: Type of Document - doc; pages: 8. Law of conservation is the mother of all economic laws and Accountancy. Wants and means are forms of wealth and are neither created nor destroyed but are changed from one form to another.
    as

    Download full text from publisher

    File URL: http://econwpa.repec.org/eps/eh/papers/0507/0507001.doc
    Download Restriction: no

    More about this item

    Keywords

    Law of Conservation; Law of Equilibrium; Wants and Means;

    JEL classification:

    • N - Economic History

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wpa:wuwpeh:0507001. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (EconWPA). General contact details of provider: http://econwpa.repec.org .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.