So a friend retweeted what another batchmate from SRCC tweeted about. He mentioned, among other things, that the use of letter M in economics is for 'income'. From whatever little I could recall (and also considering that I do still use a lot of such abbreviations), I thought it was Y for income. And I responded with my thought. She replied saying that the Keynesian school used M, as in the savings-income model. I thought she was talking about the IS-LM model and agreed that it's M, not Y. And then I remembered our ol' man, Hicks. And a whole lot of other monetarists who use M for income. Keynes, on the other hand, used M for imports. Y=C+G+..... (X-M). And I haven't been able to breathe since then.
HAD to get it out of my system. Didn't tweet back fearing I might come across as too weird. I am sure this post does not prove otherwise either. Even so. :P
And that friend is probably reading this post too. :D
3 comments:
Had no clue of these alphabets being used to refer to either term! Lol!
We know nothing except life science. Sigh!
:D
Heheheee....Pappu and Andrew got to yet another eco hons grad!!!
And i know!! I saw it on fb..and i really wanted to point out M=Imports rather than income in Keynesian.....but there was already a rather drawn out discussion on the thread...
Phew!!!
Jas,
And we know nothing about life science. :)
Shreya,
Oh, there was a discussion on FB too? I missed that. Lemme go dig it up. :D
And yes, we should send 'em back to the grind! :P
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