Why economists neglected the most important factor in the economy?
A staple of economic decision-making taught OT written by economists previously outlined four (4) key factors: – 1. Land 2. Work 3. Capital 4. Entrepreneur 5. ? Did you forget the most important factor to take economic decisions which is the time factor? Would not the decision of the economy must include the following?. Land rights (on the premises / location) 2. Labor (labor per employee) 3. Capital (Fund / Money) 4. Businessman (knowledge and expertise) and 5. Time (hours, availability of time) Why is this "time" has never been included as an important factor in making decisions economics? Consider this: You can use the resources today, but without the time fail. If time has not arrived yet, can waste resources. opportunity costs (bcos of investment is subject to "interest (daily rate) From Similarly, if you use the resources too late, you may lose the opportunity to leverage the company's offerings or the award.
I think the time is implicit in most of their calculations. Most calculation methods, as the IRR-Internal Rate of Return and NPV-net Preasent have a time factor in them. I actually think the Tey is a tendency to ignore consumer confidence pushing the demand for goods and services. It's more of a macro-economic factor well and that you mentioned are important at the micro level.
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