Thank you Robert and Gerald for confirming what I have been saying here for years and that is, that macro-economists are largely caught up in abstraction and thus have failed to look directly at the economic/productive process itself as well as the cost accounting process within which it is correctly and inextricably embedded. If they did they would recognize that, amongst all of the other lesser characteristics of money, especially in a monetary economy like the one we all live in, not the “veil over barter” that the neo-classicals have led us to delusionally believe; that it is most basically accounting and so it will adhere to the equal debits and credits summing to zero cost accounting convention. Put these observations together with the recognition of retail sale being the point where production becomes consumption and you have the ideal point to implement a monetary and pricing policy that benefits all economic agents and enables us to FINALLY direct industrial policy so as to align it with ecological sanity and species and planetary survival.
Theorizing is perfectly legitimate of course, but riding it like a hobby horse gets dangerous and ridiculous without consulting the temporal universe and some of its basic derived truths.
Economics is complex, paradigms are deep simplicities that alter the complexities of patterns and the present monetary and financial paradigm is the correct target for our investigations…if we want to be real, effective and honest investigators.