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
1 comment:
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."
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