Since the value of money only exists in our agreement, it cant be real. Even though the number of dollars in the world are real and finite, the value we assign to those dollars is completely arbitrary.
Walkers maxim that money is what money does is frequently cited within the fairly scanty literature that orthodox economics devotes to the nature of money.
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Money is that Money does – Economic Humanities
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The economy of scotland had an estimated nominal gross domestic product (gdp) of 205 billion in 2020 including oil and gas extraction in scottish waters. Since the acts of union 1707, scotlands economy has been closely aligned with the economy of the rest of the united kingdom (uk), and england has historically been its main trading partner.
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The figure almost exceeds the size of the uk economy, with debt having reached 97.