Rationality within systems: how time integrates subjective and objective probability

This chapter explores a macro economy as an ecology of plans. That ecology, however, is only an area inside of which action occurs. It is not itself a source of action. , In no way is an ecology of plans reducible to some singular entity that is capable of being acted upon. The individual entities that constitute the ecology each follows their chosen courses of action. To reduce the ecology of plans to a representative plan is to create a category mistake by giving the ecology qualities it cannot possibly have. To avoid this mistake, it is necessary to work with both objective and subjective probability. While the ecological system itself is treated with objective probability concepts, action within the ecology is guided through subjective probability concepts, instantiated by treating time as integral to all human action as against its common treatment as purely nominal.