Cambridge Accounting for the Market
When “A Time Runs through It,” it become another “River of No Return.” Once gone, forever gone, if in economics. However, owing to Paul Samuelson , arguably the first author of a textbook on macroeconomics , we are alarmed ( Economics 1948, p.9): What is true for economics of each market may not be true for macroeconomics of all the markets. In macroeconomics, the time is supposed to stick around over an undefined period, particularly in the IS-LM and AS-AD models. Again in science, undefined, indefinite, irrelevant and inexistent are siblings (T 0 ). In short, “time is useless until we get” exogenous to Cambridge ( borrowed from Samuelson and Nordhaus, Economics , 2010, p.458). Fallacy of composition . Yes, we in economics freely choose to work for utile quantities over the run, short or long, of time (U∙M∙T -1 ). If in the market, exchanges are voluntary all across but for virtually random...