Aspects of the ‘Real’ Economy

Abstract

A broad definition of the ‘real’ economy involves the production, transportation, and selling of goods and services — as opposed to the exchange of paper assets, which is the concern of the ‘paper’ economy of the world of finance. A narrower definition would focus on material goods only; sectors like industry, commerce, agriculture, shipping, supermarkets, construction. Either way, the ‘real’ economy, directly or indirectly, is, and always will be, the foundation of the economy as a whole. In Greece the survival, and, here and there, good performance of the ‘real’ economy, despite the weak infrastructure of the country and atrocious state policies, is almost a mystery — until, that is, one realises that, when all is said and done, people need the ‘real’ economy in order to make a living.

‘There is no substitute for talent. Industry and all the virtues are of no avail.’

Aldous Huxley. Point Counter Point.