The theory proposes that the universe is an engine designed for the production and conservation of novelty. Novelty, in this context, can be thought of as newness, or extropy (a term coined by Max More meaning the opposite of entropy). According to McKenna, when novelty is graphed over time, a fractal waveform known as "timewave zero" or simply the "timewave" results. The graph shows at what time periods, but never at what locations, novelty increases or decreases.
Psychedelic Idea - Terence McKenna
Novelty theory attempts to calculate the ebb and flow of novelty in the universe as an inherent quality of time. It is an idea conceived of and discussed at length by Terence McKenna from the early 1970s until his death in the year 2000. Ride the wave all the way to zero Terence has the map no need to panic...enjoy the ride.
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Terence McKenna speaking about nature,time,and novelty in Sydney back in 1997.