| ▲ | bofadeez 6 hours ago | |
They can all be related on a philosophical level but in practice economists treat them as separate factors of production. It's land, labor, and capital classically. Technology/entrepreneurship can be seen as another factor, distinctly separate from labor. | ||
| ▲ | nivertech 3 hours ago | parent [-] | |
I agree that time isn’t an input in the economic system. Although, one can use either discrete or continuous time to simulate a complex economic system. Only simple closed form models take time as in input, e.g. compounded interest or Black-Scholes. Also, there are wide range of hourly rates/salaries, and not everyone compensated by time, some by cost-and-materials, others by value or performance (with or without risking their own funds/resources). There are large scale agent-based model (ABM) simulations of the US economy, where you have an agent for every household and every firm. | ||