This has been discussed on ResearchGate in a rather ad hoc way in relation to another question about the absolute immutability of some physical laws but it really deserves its own separate discussion. Below I summarise the arguments in favour.

The philosophers

The nature of time has been the subject of discussion by philosophers for 2000 years or more. In the last two decades their views have crystallised. If time flows - (1) How do we know? and (2) How do we measure its speed? In other words - what frame of reference can we use to measure time?

The philosophers' conclusion is that they would have to invent another time dimension for the purpose but this would then need a third time dimension and so on ad infinitum. This would be absurd and so they conclude that the flow of time is an illusion.

Relativity, Einstein and Godel (A World Without Time - Palle Yourgrau - Penguin Books, 2005)

According to the theories of relativity two observers can never agree on the simultaneity of two events that both witness and neither has a "preferred" position that makes one of them correct. This implies that all events already exist and that what we perceive as the flow of time is an illusion.

Godel showed that rotating universes were consistent with relativity and proved that in them it was possible to travel back in time. He immediately realised that this implied that the past must still exist and that what he called "intuitive time" is therefore an illusion. In 1949 he published a formal proof that time (in our intuitive sense) cannot exist in any universe. This uncomfortable discovery was ignored for nearly half a century but was revived by Julian Barbour in "The End of Time" and is now widely discussed and accepted by many physicists.

The Laws of Physics

The fundamental laws of physics describing the forces are time-symmetric.

What can we say about the time dimension?

Time still exists but only as a chronological map in which events are located;

Time is not in any way like the spatial dimensions because:

It is anisotropic and contains an entropy gradient;

If we exist in more than one location in any of the spatial dimensions then we will also always then be in different locations in the time dimension;

Separations in 4 dimensions are extensions of Pythagoras's Theorem but have the form:

separation = √[x2 + y2 + z2 - (ct)2], which means that time measurements are imaginary (ict) where i=√(-1), as Hawking suggests in "A Brief History of Time".

Consequences

Free will is also an illusion

We live all our lives all the time but every instant feels like "now"

Time travel is impossible because (a) there is no dimension in which travel is possible, (b) we occupy all the spacetime of our lives and cannot take back to an earlier time our memories of a later time.

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