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Śrīmad-Bhāgavatam
[ Canto 3, Ch. 10 ]
purchased with millions of dollars, and therefore even a moment of time lost without profit must be calculated as the greatest loss in life. Time is not subject to any form of psychology, nor are the moments objective realities in themselves, but they are dependent on particular experiences.
Therefore, Śrīla Jīva Gosvāmī concludes that the time factor is intermixed with the activities—actions and reactions—of the external energy of the Lord. The external energy or material nature works under the superintendence of the time factor as the Lord Himself, and that is why material nature appears to have produced so many wonderful things in the cosmic manifestation.  Bhagavad-gītā  confirms this conclusion as follows (Bg. 9.10):  mayādhyakṣeṇa prakṛtiḥ sūyate sa-carācaram hetunānena kaunteya jagad viparivartate.
TEXT 12
विश्वं वै ब्रह्मतन्मात्रं संस्थितं विष्णुमायया । ईश्वरेण परिच्छिन्नं कालेनाव्यक्तमूर्तिना ॥१२॥
viśvam vai brahma-tan-mātram samsthitam viṣṇu-māyayā īśvareṇa paricchinnam kālenāvyakta-mūrtinā
viśvam —the material phenomenon;  vai —certainly;  brahma —the Supreme;  tat-mātram —the same as;  samsthitam —situated;  viṣṇu-māyayā —by the energy of Viṣṇu;  īśvareṇa —by the Personality of Godhead;  paricchinnam —separated;  kālena —by the eternal time;  avyakta —unmanifested;  mūrtinā —by such a feature.
TRANSLATION
This cosmic manifestation is separated from the Supreme Lord as material energy by means of kāla, which is the unmanifested impersonal feature of the Lord. It is situated as the objective manifestation of the Lord under the influence of the same material energy of Viṣṇu.
PURPORT
Asstated previously by Nārada before Vyāsadeva ( Bhāg.  1.5.20),  idam hi viśvam bhagavān ivetaraḥ : this unmanifested world is the selfsame Personality of Godhead, but it appears to be something else beyond or besides the Lord. It appears so because of its being separated from the Lord by means of  kāla . It is something like the tape recorded voice of a person who