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.)
The 2017 Clark Medal shows precarious state of economic history.. - Originally posted on Mostly Economics: I wish I had written this post. Dave Donaldson recently won the Clark medal for his work on economic history of Indi...
15 minutes ago