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.)
"This Fourth of July, I am taking a moment to reflect. Things are hard
right now. They are probably going to get worse before they get better."
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"But I love our country — and when you love something, you fight for it.
Together, we will continue to fight for the ideals of our nation."
Tweeted Kamala ...
29 minutes ago
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