The time factor as the criterion of production development in economic concepts

This paper describes the approaches to the study of time in the economic theory. The author has studied in details classical, Marxist and institutional approaches. The analysis of different concepts, where time is an economic factor, has been performed. The specificity of the influence of the time as an economic factor on development of production cycle has been identified and systemized. The study has revealed the main aspects of the time influence on different areas. The author has made the conclusion regarding the fact that the time use significantly affects the competitiveness of the company, as well as contributes to the income increase.

economic theory, time, production factor, process of production, time parameters, planning, cost management, economic cycle, production development, competitiveness