Время-деньги. Теория девальвации ценностей

The article describes “the theory of devaluation of values” developed by the author. In accordance with this theory, economic growth takes place using two inter-connected phenomena: a) reduction in time necessary for “the set of benefits (goods) currently consumed” to be produced, on the one hand (first form of values devaluation) and b) using the free time to produce additional benefits (goods), as a result of which a new set of benefits is created, a new “living standard” (second form of values devaluation), on the other hand. The theory allows the fallacy of identifying utility with wealth to be proved, for example, the article shows that “marginal utility” is equivalent to the “degree of poverty". The importance of time is stressed, as well as the interconnection between the free time in natural economy and savings in modern money economy. The theory allows one to take a new view of the economic history, the theory of economic growth, the theory of international trade.