Why do we conduct economic analysis in monetary terms rather than work hours? Yo

Why do we conduct economic analysis in monetary terms rather than work hours? You can judge the productivity of those hours – sure. But consumption must be measured in hours, production in hours. Everything else is basically some sort of deception of convenience?

Talk about ‘mathiness’? OMG. The only measure of consumption was caloric. Now its both caloric and informational. Any ‘family’ metric is another deceit.

Pseudoscience is too prevalent in macro.

IT might sound like I am a neophyte making an ancient argument, but that’s not the case. The problem is that political issues are driven by time and stress. And that consumption in information eras cannot be easily measured in physical terms.


Source date (UTC): 2015-05-21 07:51:00 UTC

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