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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.