A state space is the set of all feasible states which can be achieved by the system. Yet the bank credit, because of the visibility and reputation of the bank, may serve as a substitute in transactions for fiat money. Technically the institutions and the monetary and financial structure fully define the state space, but do not describe the dynamics. There is a robust collection of local individual rules of behavior which are all sufficient to provide the dynamic support of expectations that money will be accepted as having value. The control system may be sufficient to guide or at least limit the overall macroeconomic behavior without necessarily providing for a precise or unique dynamics.
Money is the only financial instrument without an offsetting instrument.
This nonsymmetry appears to be critical in the introduction of time into the model of the economy.