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While other disciplines have been progressing in their thinking of the nature of time, economics has largely rested on an archaic notion of time's universal and absolute character. Rohatinski merges concepts from modern philosophy and physics on the relativity of time with current economic theories to consider "functional time" in economics. Moving beyond classic economic theory, this new view of the time dimension of economic models describes how time is affected by the events and processes taking place. Rohatinski's analysis moves beyond the classic concept of time in economics, which can distort perceptions of the modalities of economic activity, especially in establishing the forms and values of the transformation operators and the equilibrium relationships between the economic categories in the system. A better understanding of the time dimension of economics can lead to better models and policies.