kcurie:

Migeru has ptroduced some interest diaries about how you could stablish a real relation between tehrmodynamics in the metaphoric sense of "state varaibles" and "non-state varaibles". I would urge you to read them.

I never wrote those diaries, but I developed the idea in comments. The idea is that nominal GDP is a "state variable" but although you can separate "nominal GDP growth" into "real GDP growth" and "inflation" any sensible definition results in "real GDP" and the "GDP deflator" (the "price level") being path-dependent. So the "nominal GDP" cannot be expressed as the product of a "real GDP" and a "GDP deflator" without reference to the history of the system.

It'd be nice if the battle were only against the right wingers, not half of the left on top of that — François in Paris