Time as a cultural factor and its socioeconomic importance: State of the art and future research lines

Abstract

The aim of this paper is analyzing the economic concept of time based on historical and cultural factors. The manuscript presents the historical evolution of the concept of time, highlighting its conceptualization since ancient times until now. Subsequently, the paper analyzes the economic value of time down through the history of no-time (leisure time) and its cultural contextualization (occidental culture/linear conception vs. oriental culture/cyclical conception). Finally, the contemporary state of the concepts of time and money, and suggests the need to establish a new culture of time, which should be taught from an early age.