Essay : from calendar to intrinsic time

The disappointing performances of existing economic models are largely due to their reliance on physical calendar time, making them static and rigid. Ultimately, this means that they fail to respond to the disruptive events that characterize markets and the economy at large with sufficient rapidity. Accordingly, this article introduces a new timescale, called ‘intrinsic time’, that better reflects the temporal nature of the market and, most importantly, can provide predictive information. Intrinsic time is the starting point for a new theory of economics