I have had occasion to make many references in the past to Richard Lipsey’s wonderful article “The Foundations of the Theory of National Income” which was included in the volume Essays in Honour of Lord Robbins. When some 40 years ago, while a grad student at UCLA, I luckily came upon Lipsey’s essay, it was … Continue reading Why Theories of National Income Based on Accounting Identities Are Nonsensical and Error-Ridden, Part I