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Improper Concepts to Measure

…the estimate. He wants to make off-limits any estimates of productive work not involving monetary exchange. It’s “improper” to even measure the concepts. They’re not just hard to estimate; they’re…

Why Does Y Equal Real GDP?

…Y=C+I+G+NX [the National Income Identity] 2. MV=PY [the Identity of Exchange] Both are true by definition. Without (for the moment) burdening you with all my thinking, here’s the question that…

The Brute Economics of Slavery

…that recognizes the inherent meritocracy of the master class. – A population that is scared or coerced into ceding their freedom to the masters in exchange for security. – The…