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.)
In Remembrance
-
Most of you are probably not aware that my wife of 48 years, Doreen
(“Reenie”) J. Spencer passed away two weeks ago today, on June 7. Reenie
had suffered f...
56 minutes ago
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