Flow and direction of time?

What underlies our sense that time flows - that there is a continuous process where the future is realized in the present and then recedes into the past? Are we directly observing a feature of the real world through the 'private door' of consciousness (Eddington) or is something else going on?

Two hypotheses about this have been added for consideration:
  1. That in sensing that time flows in a particular direction we are directly perceiving an aspect of the real world. This view corresponds to the passage view of time.
  2. That our sense of time's flow arises from the fact that at all times we have memories of a succession of past events and we also remember that the stock of remembered events is being constantly added to - a process of memory accretion.

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