A common set of internationally recognised standards for financial reports allows 6  everyone to understand precisely what the information contained in them means. We also require high calibre professional accountants with the requisite expertise to prepare financial accounts to the highest standards.
And let me note explicitly that Michael has continued to be remarkably productive, and that the topics I focus on below are among those best known by modern macroeconomists, but that there is far more to be learned from reading Michael’s work than I am able to discuss today. 1. The Structure of MWIP. Interest and Prices (MWIP) is divided into two parts.