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.)
Trump Talks Peace While the CIA Is Fueling the War in Ukraine, by Larry C.
Johnson
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I spent enough years at the Central Intelligence Agency that I learned how
to read the press stories that the agency’s friends place for it. Shane
Harris’s...
8 hours ago
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