3 ms·
I think instead is that the mistake was to measure them in terms of money, which is a token, a signal, and hence not "real" (not to mention subject to feedback
by BlueTemplar 4y ago
I think instead is that the mistake was to measure them in terms of money, which is a token, a signal, and hence not "real" (not to mention subject to feedback loops when trying to focus economic policy on that signal !)
- eru 4y agoAs you suggest, it's important to make a clear distinction between nominal and real variables in economics. However, nominal variables are also subject to feedback loops.