The biggest problem be-deviling economic and monetary theorists is their tendency to ignore/miss/dismiss observation of the actual processes of commerce/the economy. Hence they have almost gone off into an abstract and mathematical fugue. This is why economic theory missed the looming “great financial crisis” in late 2007 early 2008, and also why it still continues to be so beset by orthodoxy.

Theorists need to awaken to the empirical data of cost accounting because of its general use and usefulness to every enterprise, because of the dynamic effects of its conventions on the productive process/economy itself and because that data is utterly pinned to 3 and 4 dimensional space and time. This awakening will bring them out of their excessive abstractionism, and their mistaken notions of general equilibrium as well as DSGE’s pretensions to have resolved cost and time.  Factoring the calculus of cost accounting data into the economy enables an increased understanding and integration of the micro and macro economy and hence a greater clarity  to theory.