The article deals with the pressing issues of the growing significance of time as a fundamental factor in the economy development and the competitive behavior of firms. It proposes a conceptual approach to the time phenomenon analysis, in which, based on a synergetic paradigm, the temporal dimension of economy is viewed as a special projection (context), which allows studying its temporal characteristics, as well as functions of time acting as a system-forming phenomenon. The paper, in line with the developed approach, reveals the role of time as a unique instrument to measure the growth of productivity of innovative activities and to regulate allocation of resources in the economy. It is concluded that the level of gross domestic product (GDP) production per time unit reflects the performance of human resources and describes the value of time as a system parameter. At the same time the cost of production becomes a monetary form of manifesting the consumption of aggregate (macroeconomic) time, and the market price becomes the monetary value of the amount of macro-economic time, which a buyer is ready to spend on purchasing a product based on an available income. It is proved that the main source of income exceeding the normal level is innovation, which helps increase the productivity, save time and create Schumpeterian and Kirznerian rents. It shows the role of time as a coordinator of the rhythms of changes in industrial and technological, organizational and institutional, cultural and value connections. It considers the issues of changes in the temporal paradigm of development of entrepreneurial firms' competitive advantages, as well as of strategic management with a focus on time as a competitive factor.

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