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REAL WAGE: The inflation-adjusted purchasing power of the nominal wage. The real wage is commonly derived by dividing the nominal wage by the price level, indicates the physical quantities of goods and service that can be purchased with the nominal wage.
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VALUE The worth members of society place on a good, service, resource, commodity, or other asset, which is based on the direct or indirect satisfaction of wants and needs generated. In an economy that uses markets to exchange commodities, value is commonly indicated by price and measured by the economy's monetary unit.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"To understand a man, you must know his memories. The same is true of a nation." -- Anthony Quayle, Actor
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PIH
Permanent Income Hypothesis
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