Steve Roth

@steveroth.bsky.social

1205 Followers 400 Following

Entrepreneur, progressive sometime 1%er. (Tax me more.) Addictive reader: trash to tomes. National-accounting & econ geek. Evolution and Shakespeare dweeb. Besotted father. From MO; show me the #s. https://wealtheconomics.substack.com/about

Passage from "Against Money."

"It makes no sense to ask what the meaning of a variable within a model is; its meaning comes only from some concrete activity we can carry out, outside the model, whose outcomes we can observe and record in an agreed-upon way. In the case of variables like output or income, the actual experiments are the national accounts. These concepts mean something only in the context of a particular procedure for adding up specified money flows, as codified in the US National Income and Product Accounts or the international system of national accounts."