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.)
Mosul Campaign Day 158, March 25, 2017 - News about Mosul was dominated by the Coalition bombing that left over 200 casualties. U.S. officials have admittedthat the Coalition carried out air str...
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