A price signal as a concrete sensation, as opposed to a formal abstraction, is neither discrete nor continuous. Rather, it is spectral. 

Figure (a) shows a discrete signal. Figure (b) shows a continuous signal. Both (a) and (b) are formal abstractions rather than concrete sensations.

• A discrete signal is a formal abstraction because it makes it appear as if there are intervals of time in which there is no signal. In a sense, however, a discrete signal more concrete than the continuous signal insofar as one doesn’t regard the intervals between the samples of a digital signal as having zero amplitude but, rather, as having indeterminate amplitudes: the gap between samples should be taken to reveal a lack of determinacy about the signal as opposed to a lack of signal.

• A continuous signal is a formal abstraction because it makes it appear as if a signal has a determinate amplitude. In a sense, however, a continuous signal is more concrete than a discrete signal insofar as a continuous signal does not give the abstract impression that there can be a lack of signal between two samples.

To understand what it means for a spectral signal to be a concrete sensation, one has to understand that concrete sensory signals are continuously generated/transmitted but discretely sampled/received.

• Each sample determines the momentary amplitude of a signal but, between samples, the amplitude of a signal is indeterminate, which is to say, in other words, that spanning any two samples of a signal one finds an indeterminate spectrum of continuations rather than a single determinate continuation. A spectral signal is, in other words, an indeterminate spectrum of continuous signals. Signal sampling is the process of collapsing an indeterminate spectrum of continuous signals at more or less regular intervals so as to yield a determinate discrete signal. Signal filtering is the process of collapsing an indeterminate spectrum of continuous signals in the intervals between samples so as to yield determinate continuous signals.

Formal financial instruments are akin to electronic musical instruments.

• Digital electronic musical instruments synthesize indeterminate spectral signals from determinate discrete signals yielded by sampling. Digital electronics are a means of ruling and standardizing administration in music, but not the only such means: there are other means that shape the musician’s affects rather than the musical instrument’s effects.

• Analog electronic musical instruments synthesize indeterminate spectral signals from determinate continuous signals yielded by filtering the intervals spanning the samples of a digital signal. Analog electronics are a means of normalizing and optimizing administration in music, but not the only such means: there are other means that shape the musician’s affects rather than the musical instrument’s effects.

• Electronic musical instruments, in and of themselves, whether digital or analog, are means of administration and, thus, they make for fatal musical performances.

• “Formal” financial instruments (i.e., the financial instruments that characterize a “formal economy”) are akin to electronic instruments in music: they synthesize spectral price signals from discrete and/or continuous price signals. Formal financial instruments are, in and of themselves, means of administration in finance and, thus, they make for fatal performances. Formal financial instruments are a means of administration in finance, but not the only such means: there are other means that shape the financiers affects rather than the financial instrument’s effects.

Informal financial instruments are akin to acoustic musical instruments.

• Acoustic musical instruments synthesize indeterminate spectral signals from other indeterminate spectral signals, from the unfiltered intervals spanning the samples of a digital signal. Acoustics are the one and the only means to defy administration in music: the musician’s affects and the acoustic musical instrument’s effects cannot be distinguished from one another. Acoustic musical instruments make for performances that are, by fortuitous turns, banal and vital, but a skilled musician knows how to accentuate vital turns over banal turns.

• “Informal” financial instruments (i.e., the financial instruments that characterize an “informal economy”) are akin to acoustic instruments in music: they synthesize spectral price signals from other spectral price signals. Informality is the one and the only means to defy administration in finance: the financier’s affects and the informal financial instrument’s effects cannot be distinguished from one another. Informal financial instruments make for performances that are, by fortuitous turns, banal and vital, but a skilled financier knows how to accentuate vital turns over banal turns.

Transformal financial instruments are akin to electroacoustic musical instruments.

• Electroacoustic musical instruments synthesize indeterminate spectral signals from all types of signals: discrete, continuous, and spectral. Electroacoustic instruments can be a means of administration, on the one hand, but, on the other hand, they can also be a means to defy administration in music. Electroacoustic musical instruments make for definitively vital performances in the hands of a skilled musician who (i) knows how to invite administration so as to exclude probable aberrations, thereby avoiding banality, and (ii) knows how to defy administration by including im-probable aberrations, thereby avoiding fatality.

• “Transformal” financial instruments (i.e., the financial instruments that characterize a “transformal economy”) are akin to electroacoustic instruments in music: synthesizing spectral price signals from all types of price signals: discrete, continuous, and spectral. Transformal financial instruments make for definitively vital performances in the hands of a skilled financier who (i) knows how to invite administration so as to exclude probable aberrations, thereby avoiding banality, and (ii) knows how to defy administration by including im-probable aberrations, thereby avoiding fatality.

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IV. Values and Timbres