That appalling pun highlights a problem with economic modellers in general: the treatment of time as a discrete rather than a continuous phenomenon. Though there are (not enough!) exceptions, the habit amongst both Neoclassical and Post-Keynesians economists is to model an economic variable now as depending on other variables one year in the past (and for Neoclassicals, the future).
I’m not Discreet, and Neither is Time
I’m not Discreet, and Neither is Time
I’m not Discreet, and Neither is Time
That appalling pun highlights a problem with economic modellers in general: the treatment of time as a discrete rather than a continuous phenomenon. Though there are (not enough!) exceptions, the habit amongst both Neoclassical and Post-Keynesians economists is to model an economic variable now as depending on other variables one year in the past (and for Neoclassicals, the future).