Abstract
It is postulated that the S operator is dynamically independent of the wavefunctions of the asymptotic states. From this postulate a functional differential equation for the S operator is developed. Its solutions include both the renormalized and unrenormalized Feynman‐Dyson S operators; appropriate boundary conditions distinguish the two solutions. Interpolating quantum fields are defined in terms of the S operator and are only of secondary importance in this theory. Calculations in this theory are not appreciably more difficult than the corresponding calculations with the unrenormalized S operator.

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