Psychological time as a predictor of economic mind: Evidence from Russia and Japan

TLDR: In this paper, a more systematic determination of the economic mind of Japanese was revealed, including not only orientation toward the future, but also taking into account past experience, as well as feelings in the present.

Abstract: Today, in the conditions of virtual space, a huge flow of information, accelerating subjective time are taking place in everyday life including the economic sphere. Economic mind in the context of globalization reflects the phenomena and relationships in the economic sphere that exist not only in the real market, but also in the virtual world of goods and services. In this regard, the scientific interest is the question of how ideas about time change in the global society, and what role they play in the shaping of the economic mind of an individual. The purpose of the study is to determine what characteristics of psychological time predict the features of the economic mind of young people in Russia and Japan. In the study (N=540), a more systematic determination of the economic mind of the Japanese was revealed, including not only orientation toward the future, but also taking into account past experience, as well as feelings in the present. In the formation of economic attitudes, Russian students are more oriented toward their future. The affective component of psychological time makes a greater contribution to the shaping of economic attitudes (the value of independent economic achievements, activity in the banking sector, etc.) of the Russian students, and the cognitive component - for Japanese students. This fact indicates a less serious relation to economic realities of the students in Russia compared to the Japanese.