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.)
Vignettes by Luke, Mary Catelli and ‘Nother Mike
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So what’s a vignette? You might know them as flash fiction, or even just
sketches. We will provide a prompt each Sunday that you can use directly
(includin...
5 minutes ago
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