They represent a cost in real resources.
It would require real resources to do it".
First, is the bank committing real resources to tackling corruption?
That is, it assumes that profit maximisation is a goal because people want more claims on real resources because they want to consume more real resources.
"I wanted to do a blog with real resources to get the job done".
(David Beckworth) Mobilizing real resources (Matt Yglesias) Economist, heal thyself (Eric Alterman).
It found that real resources grew by 25% between 1995 and 2000, but that output had grown by only 15%.
Mr Sachs argues that it is the other way round: that "good governance itself requires real resources".
The point is that there are limits to the amount of real resources that you can extract through seigniorage.
What will happen when an attacker with real resources and a deep desire to do harm grabs the keyboard?
More importantly, the banking system does not simply transfer real resources, more or less efficiently, from one sector to another; it generates (nominal) purchasing power.
