Time, A Form Of Wealth
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.
|Date of creation:||14 Jul 2005|
|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.|
|Contact details of provider:|| Web page: http://econwpa.repec.org|
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