Based on a comment I made here.
Bill Woolsey made the observation that: Critics treat nominal GDP as the product of real output and the price level.
We do not live in a barter economy with money add-ons, we live in a thoroughly monetised economy where prices, contracts and debts are set in money terms. I find this thinking that there is a "real" economy that generates monetary "epiphenomena" just bizarre. It is bad metaphysics parading as economics.
(As I discuss in my previous post.)
"These are very, very special times. And this is a very special place. You
live in a very special place. Congratulations everybody."
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Those were the very very very special words of our President, Donald J.
Trump, speaking at Mount Rushmore, on the eve of the 250th anniversary of
the 4th o...
1 hour ago
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