Thursday, February 9, 2017

Covering the same ground


Nick Rowe says:

if you don't start with money, monetary exchange, and AD and AS, you are doing macro wrong.

I think Nick is right. I often say:

The economy is transaction.

To my mind we're covering exactly the same ground.

//

As an afterthought I'll repeat what Nick said

if you don't start with money, monetary exchange, and AD and AS, you are doing macro wrong.

and I'll say: Yeah, that's why this is not even wrong not even economics.

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1 comment:

  1. The ArthurianMarch 5, 2017 at 11:42 AM

    Covering the same ground, Ray Dalio says:

    "An economy is simply the sum of the transactions that make it up. A transaction is a simple thing. Because there are a lot of them, the economy looks more complex than it really is."

    ReplyDelete

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