Time is a key element for every producer. Production is done as per time periods. As per classical economists, time was classified as Capitalism, socialism. According to classical economist and neither classical economist, time was not considered as major part of the production. There was scarcity of resources and full focus was on production. Human beings were treated as machines. And this type of economy is called capitalistic economy. Neon classical economist criticized the pattern of classical economy and give importance to human beings and they didn't consider the concept of time and only considered welfare, this economy is known as socialistic economy. As time passes, economist started to considered time as important tool for economy. Time is classified as very short time, short time, long time and secular time.