ABSTRACT
The national accounts and the flow of funds track transactions. Monetary transactions. Monetary transactions involve money. Sometimes existing money. Sometimes new money. Quite often, a transaction creates the money necessary to execute it like when a man uses a credit card to buy Valentine’s Day flowers. Monetary transactions, including money creating transactions, are the very thing which macro-statisticians measure. Employment and unemployment are conceptualized and defined in relation to the money economy. During the Great Depression prices paid to farmers included an indirect government subsidy of about 30 to 60 percent, the money coming from, basically, a blend of consumer price levies, forced substitution of margarine by butter and import and export controls. D. A. Acemoglu and J. A. Robinson show that the rich, as there are few of them, as they have money and as they have more to lose than their chains, might tend to dominate informal networks as well as structures yielding economic power.
