ABSTRACT
Kalecki and Shackle have illustrated that a complete (micro) theory can be written simply from the principle of time. If time matters, the past cannot be changed and any future is radically uncertain. Time then must be understood not as progressing from the past to a future mediated by the present. The causal pattern of time is exactly the opposite. Time is projected regressively from an imagined future to be created from what is inherited in a given past that cannot be changed. All that was required was a mediating principle, which lies in the nature and the content of and the capacity for choice in the present.
