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.)
US novelist Joyce Carol Oates on X
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“A friend who is a literary agent told me that he cannot even get editors
to read first novels by young white male writers, no matter how good; they
are ju...
50 minutes ago
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