Abstract
This paper examines two fundamental concepts of time in a typical economic process and their importance in digital economics. A model of time in economics and economics in time is developed. It argues that the Newtonian and Austrian models of time in economic analysis create economic vagueness, which has allowed a vacuum preventing mainstream economics from evolving and concludes that the basic or traditional concepts should be revisited in line with the current trends in the several industries so that economics as a body of knowledge is not caught in the dark
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