Bad metaphysics parading as economics

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.)