I’ve being thinking some about this and some of my comments are over at the Acton Institute. The conclusion I have arrived at is that time value of money is a useful abstraction that needs to be clarified in the concrete things it is applied to.
TVM discusses the way in which a thing is valuable not in that it is useful for the immediate cessation of some need, but also because it may be productive of useful and valuable things. This productive nature something is valuable in itself. TVM attempts to quantify this value in terms of the value that a thing can produce.