September 15, 2014 at 11:26AM
"For classical economic decision theory it is convenient to assume that time does not exist." #readingToday

For many theories, such as classical economic decision theory, it is convenient to assume that alternatives as well as criteria are constant while the decision is made, that hence time does not exist. But this assumption is clearly not tenable except under very unusual circumstances. If, on the other hand, it is acknowledged that time is important, then there is less need of elaborate theories of bounded rationality or information capacity limits. Limited capacity is not a quality of the system in isolation, but describes the inability to be fast enough – or effective enough – for the time that is available. That goes for daily activities at work as well as an oeuvre du vie – and, needless to say, for writing a book such as this.

The ETTO Principle, Erik Hollnagel