Time as an Economical Resource and Social Phenomenon

Abstract

Time is the most important resource of any society. Time is limited, that is why success of any person, business or economy in general mostly depends on proper time planning. Effective time planning starting from family farming, time management in a firm and correct understanding of the phenomenon of time in macroeconomics is an important determining factor of the current standard of living in a country. Maximizing the understanding of time as the most limited, non-renewable resource leads to success for both an individual and a company. According to one of the basic principles of economics, the standard of living depends on the ability of producing goods and services in a country so that labor of those who produce more in the same time is more productive. Therefore, productivity, economic growth, and standard of living are inseparable from a universal resource such as time. The article argues it is necessary to connect time as an economic resource to its social meaning, as a resource for human physical and spiritual development. Time management within a firm or company should be able to use time effectively, which will be helpful for a person to have a life outside of work. And since this is not always guaranteed, the state should create guarantees of human labor and rest, to ensure spiritual development with the help of economic and legal levers that are available in the market economy.