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. 😛
And that friend is probably reading this post too. 😀
3 thoughts on “Itchy”
Had no clue of these alphabets being used to refer to either term! Lol!We know nothing except life science. Sigh! 😀
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. :DAnd yes, we should send 'em back to the grind! 😛