The Chimera of Macroeconomics

  As opposed to the human asset, there in traditional economics are two types of physical assets, namely, physical capital and land . Instead, we herein use the terms “a machine” for physical capital and “a (piece of) soil” for land.              Incidentally, “ physical capital ” is a type of asset while “ financial capital ” is not. An asset creates a value on a side over the time; while a financial instrument balances previously-created values between two sides time after time and “many times over.” On the other hand, a unit of land is rented either as a site for occupation or as a soil for creation. We might regard a site as an asset without being a power; the site stands still while the power keeps on running.   The problem of “ full employment .” When ready to run, a machine as asset changes both the “nominal” name and the “real” hat to a mechanical  power . The machine in the warehouse is an asset ...