Discussions like this really disturb me; they indicate that there are a lot of people with Ph.D.s in economics who can throw around a lot of jargon, but when push comes to shove, have no coherent picture whatsoever of how the pieces fit together.
Welcome to my world, Paul.
Do economists, generally, have any clue as to how "the pieces fit together"? If they do, they disguise it pretty effectively behind that jargon. More on that in future posts, no doubt. To the matter at hand . . .