FS: Until a clear distinction is made between concrete curve fitting of specific data and abstract theory, confusion will abound. Abstraction has to be based on first principles analysis. It would be blind chance to arrive at a correct equation form from most economic data. Time is not handled in an appropriate manner and is necessary this to be dealt with.
Me: Time as a factor can only be controlled in a system where that system terminally ends…like the point of retail sale in economics, and if at that point you implement a policy that beneficially resolves the two most chronic and relevant problems for every legitimate agent in the economy….that is the character and definition of a paradigm change.
FS: The passage of time implied by the second law of thermodynamics is uncontrollable.
Elapsed time expended in a project is under human control.
Me: The temporal universe under the laws of thermodynamics indeed is a continuously random but, if understood from a cosmic perspective, graciously flowing reality.
However, particular systems have their own particular and peculiar starting, changing and stopping points, and final retail sale is the terminal summing and stopping point for total costs and prices for every item or service for the legitimate economic/actually productive process and finally and consequently the terminal expression point for all forms of inflation.
The terminal stopping/summing point for costs and prices in economics is also an ultimate power point, And therein is a tremendously important but almost entirely missed significance, because at that point production becomes consumption, all agents come to a final agreement and no agent can be harmed or has legitimate recourse outside of fraud thereafter. Thus a digital 50% discount/rebate policy at that point has the power to change scarcity of individual income into a 100% increase/abundance/paradigm changing resolution to modern economy’s two most chronic problems ( individual income scarcity and further erosion of same by inflation) and yet does not disturb the sanctity so to speak of freely determined price because the rebate back to the enterprise giving the discount is made whole by it.
When economists and economic pundits can come up with a more sweepingly beneficial set of policies than the two I’ve posted here many times I’ll get on their bandwagon, and until they do they need to get off their “hobbie horse” theories, piecemeal reforms and their attachments to “long dead economic scribblers”.