Anton Chamberlin: When Production Isn’t Production and Prices Aren’t Prices

Many debates on economic topics hinge on a set of familiar words: production, prices, costs, value. These terms appear constantly in political speeches, news articles, and policy discussions. Yet they are rarely used with much precision (at least where academic economists are concerned). As a result, people often talk past one another while believing they are in agreement — or disagreement — about the same thing.