This Is Happening is all about time. On one level it is about a time and a place. It is the essence of 2010 – the musical embodiment of going to clubs, of kissing girls, of having fun. In another sense, the album marks the end of an era, as LCD Soundsystem mastermind James Murphy has announced that his band’s third album would be their last.

But the importance of This Is Happening deserves to be considered on a longer timeline. We are only six months into 2010, but this album could well become a decade-shaping piece of music. Every musical genre has its touchstones, the type of album which defines a certain sound. And even though James Murphy has been defining and redefining alternative electronic pop music ever since the release of LCD Soundsystem in 2005, This Is Happening is a touchstone.

This Is Happening contains all of the elements that made Murphy’s name: the acerbic wit and melodic minimalism, the flawless production and propulsive rhythm. But never have they worked together so cohesively. From epic opener to Dance Yrself Clean to the wonderful, bubbling closer Home, the album never lags for a second. If 2007’s Sounds of Silver showed Murphy aging gracefully, then This Is Happening is Murphy saying “who gives a shit, let’s have fun”.

Album opener Dance Yrself Clean has instant classic written all over it. A song which describes dancing as a cathartic activity, it is a perfect example of economical songwriting. Over clicking drums and single note synths, Murphy picks up a thread from All My Friends with the starting line “talking like a jerk/except you are an actual jerk/and living proof that sometimes friends are mean”. It is funny and affecting and totally effortless. And then 3:12 in, the track explodes. Syrupy synth chords descend over a kicking snare and Murphy’s yearning voice. It’s kind of unfair to the rest of the album, because I found myself skipping back to that track again and again and again.

Next up is Drunk Girls, which is completely different but just as satisfying. Drunk Girls is a call and response, balls-out tribute to dumb, messy fun and one-night-stands, filled with crunching guitars and pounding drums. And then there is I Can Change. The beginning sounds like a Gary Numan track, but where Numan is all automaton, Murphy is all heart. A smart, empowering song about the nature of love over retro synth stabs and twinkling chimes, it is by far Murphy’s best vocal performance to date.

The lyrics are wry (“love is a murderer… love is a curse shoved in a hearse”) but the cleverness of the arrangement and the unadorned beauty of the Murphy’s harmonies in the chorus (“I can change/If it helps you fall in love”) make this a song of regeneration rather than disaffection.

These are just a few of the best moments on This Is Happening. Hundreds of words could be written about the other tracks on this album, like Murphy’s scathing sneer on You Wanted A Hit or the soaring guitar line on All I Want, but like Murphy, I just don’t have the time.

Speaking of time, it’s amazing to think that James Murphy turned 40 at the start of the year. The majority of the people listening to his music are barely half that age. The fact that he is able to create such relevant, relatable music is perhaps his greatest achievement. But on second thought, maybe time shouldn’t be such a concern when describing this guy – because, like this album, he is timeless.

This Is Happening is out now on EMI. Don’t miss LCD Soundsystem this winter at their joint shows with Hot Chip, presented by inthemix.