Friday’s presidential election in Iran provides us with an invitation to take a look at Iran’s economy. To get a handle on how the economy works and where it’s going, one needs a model of national income determination. For me, a monetary approach to national income determination is what counts. Indeed, in a fundamental sense, it’s a theory of everything. The close relationship between the growth rate of the money supply and nominal GDP is unambiguous and overwhelming.

So, what is Iran’s current