ABSTRACT
Quantum analysis breaks the circle that entraps the neo-classical theory where income derives from capital like a flow from a stock whereas capital is defined as the accumulated result of past flows or the actualised value of future flows. The new analysis breaks off from the chicken and egg pattern: income is the initial magnitude because its definition is given independently from any conception of capital. Thus, income formed in each period does not originate from any capital whether financial or instrumental; it comes from a human emission, the expense of labour. Genuine capital-time is reversible: it will be eventually destroyed while liberating the income of which it constituted the temporary savings. Fixed capital is irreversible; as indicated by its name, it is fixed into instrumental capital, the saved income will stay there forever. Created money is instantaneously destroyed, because it is transformed in savings, that is in capital-time.
