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Gerald O'Driscoll and Mario Rizzo claimed Newtonian time has little relevance for economics in their book, '' The Economics Of Time And Ignorance ''. Neo-classical Economics implicitly embrace this framing of time and, in doing so, downplay essential facets of a dynamic Economic System .

Specifically, O'Driscoll and Rizzo point to three elements of Newtonian time:

  • ''Homogeneity.'' All points in time are treated the same (except their temporal coordinate) and thus time can pass without a change in the environment. Endogenous change in economic Agent s is not given, including Learning .


  • ''Mathematical continuity.'' Just as each point in time is static, each point is disconnected from all other points. The Mathematical nature of Newtonian time demands infinite divisibilty, thus time does not "flow" from one period to the next; it leaps. "A Newtonian system is merely a stringing together of static states and cannot endogenously generate change." (p 55)


  • ''Causal inertness.'' Because time is independent from its contents, all change in the system must be presumed from initial assumptions. Thus Newtonian models lack "genuine change" and "''time literally adds nothing.''" (p 55) emphasis


The authors contrast Newtonian time with Real Time . They maintain "a Newtonian system is merly a stringing together of static states and cannot endogenously generate change. Each period (or point) is thus isolated. Consequently, either we have the mere continuation of a period (no change) or we have change without the ability to show how it could be generated by the previous period" (O'Driscoll and Rizzo, 55).


SEE ALSO



REFERENCES

  • O'Driscoll, Gerald & Mario Rizzo. ''The Economics of Time and Ignorance''. 1996 edition.