Time?

[Mason Clark <masonc@xxxxxxxxxxxxx>]

Educate me, please.

I seem forever to be seeing in economics theory the ignoring of time.

Not taking sides or commenting on this particular quotation, but as an example
that happened to catch my eye this moment:

"familiar proposition that doubling everybody's nominal purchasing power
overnight doubles the price level"

Frequently I seem to see relationships -- formulas -- stated that assume an
instant reaction.  But the economy is never in equilibrium (?); all states are
transitory; and  **the transitions are the essence**.

Am I confused?

        Mason C