“All economic activity is carried out through time. Every individual economic process occupies a certain time, and all linkages between economic processes necessarily involve longer or shorter periods of time.”

— Friedrich Hayek

"Intertemporal Price Equilibrium and Movement in the Value of Money" (1928)
1920s–1930s

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Friedrich Hayek 79

Austrian and British economist and Nobel Prize for Economic… 1899–1992

Alan O. Ebenstein (1959) American political scientist, educator and author

Hayek's Journey: The Mind of Friedrich Hayek (2003)

“They, economics and evolution, are both examples of a larger process, which has been at work in this part of the universe for a very long time. This is the process of the development of structures of increasing complexity and improbability. The evolutionary process always operates through mutation and selection and has involved some distinction between the genotype which mutates and the phenotype which is selected. The process by which the genotype constructs the phenotype may be described as "organization". Economic development manifesto itself largely in the production of commodities, that is, goods and services. It originates, however, in ideas, plans, and attitudes in the human mind. These are the genotypes in economic development. This whole process indeed can be described as a process in the growth of knowledge. What the economist calls "capital" is nothing more than human knowledge imposed on the material world. Knowledge and the growth of knowledge, therefore, is the essential key to economic development. Investment, financial systems and economic organizations and institutions are in a sense only the machinery by which a knowledge process is created and expressed.”

Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding (1977) Economic Development as an Evolutionary System, Fifth World Congress of the International Economic Association, Tokyo, Aug.-Sept. 1977.
1970s

“Economic theory in general ignores processes which take time to occur, and instead assumes that everything occurs in equilibrium.”

Steve Keen (1953) Australian economist

Source: Debunking Economics - The Naked Emperor Of The Social Sciences (2001), Chapter 8, Let's Do The Time Warp Again, p. 166

“All rational action is economic. All economic activity is rational action. All rational action is in the first place individual action. Only the individual thinks. Only the individual reasons. Only the individual acts.”

Ludwig von Mises book Socialism

Part II : The Economics of a Socialist Community, § I : The Economics of an Isolated Socialist Community, Ch. 5 : The Nature of Economic Activity, p. 97 http://www.econlib.org/library/Mises/msS3.html#Part%20II,Ch.5
Socialism (1922)
Source: Socialism: An Economic and Sociological Analysis

“The third dimension of three-dimensional economics, change, suggests that studying economics also means studying history. The process of change in society cannot be understood without considering the past and how it changed, eventually becoming the present. Change in political economy may be contrasted with the static approach of conventional economics that freezes time at a moment.”

Samuel Bowles (1939) American economist

Source: Understanding Capitalism: Competition, Command, and Change, 2005, p. 57

“The Law of Accelerating Returns: As order exponentially increases, time exponentially speeds up (that is, the time interval between salient events grows shorter as time passes). The Law… applies specifically to evolutionary processes.”

Ray Kurzweil (1948) Author, scientist, inventor, and futurist

The Age of Spiritual Machines: When Computers Exceed Human Intelligence (1999)

“Globalization presumes sustained economic growth. Otherwise, the process loses its economic benefits and political support.”

Paul A. Samuelson (1915–2009) American economist

Quoted in: Richard Duncan (2011) The Dollar Crisis, p. 232
New millennium

“The process of consumption… is the final act in the economic drama”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, Economic Analysis, 1941, p. 614 (rev. ed. 1948) as cited in: Andrew McMeekin (2002) Innovation by Demand. p. 131

“Politically, economically and philosophically the motive of self-interest not only is but must…and ought to be the mainspring of human conduct…For as long a time as the records of history have been preserved human societies passed through a ceaseless process of evolution and adjustment.”

F. E. Smith, 1st Earl of Birkenhead (1872–1930) British politician

"Idealism in International Politics", Rectoral Address at Glasgow University (7 November, 1923).
Quoted in The Times, 8 November 1923, according to "Guarantee of Peace: The League of Nations in British Policy 1914-1925" by Peter J. Yearwood, pg 280
Context: Politically, economically and philosophically the motive of self-interest not only is but must... and ought to be the mainspring of human conduct... For as long a time as the records of history have been preserved human societies passed through a ceaseless process of evolution and adjustment. This process has sometimes been pacific, but more often it has resulted from warlike disturbance. The strength of different nations, measured in terms of arms, varies from century to century. The world continues to offer glittering prizes to those who have stout hearts and sharp swords; it is therefore extremely improbable that the experience of future ages will differ in any material respect from that which has happened since the twilight of the human race … it is for us who, in our history have proved ourselves a martial … people … to maintain in our own hands the adequate means for our own protection and … to march with heads erect and bright eyes along the road of our imperial destiny.

“[The consumer is] the supreme mover of economic order… for whom all goods are made and towards whom all economic activity is directed.”

Kenneth E. Boulding (1910–1993) British-American economist

Source: 1940s, Economic Analysis, 1941, p. 613 (rev. ed. 1948) as cited in: Andrew McMeekin (2002) Innovation by Demand. p. 131

“All economic activity is carried out through time. Every individual economic process occupies a certain time, and all linkages between economic processes necessarily involve longer or shorter periods of time.”

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Friedrich Hayek 79

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