In usual discourse the 'real' economy is contrasted to the 'financial', and not always with the connotation that finance is unreal: rather it has a 'reality' different to that of the 'real' economy.

In his 'twin value theory' Rudolf Steiner describes how values arise:

1. both through the application of labour to land - V1, to produce goods for example, what we naturally think of as real.
2. and through the application of intelligence to labour - V2, akin to the realm of finance

Work always involves an element of each - the problem arises when one prefers one to the other. V1 is connected with tangible work (land transformed by labour), V2 is connected with intangible work (labour saved by insight). One is not more real than the other.

It is often unclear in everyday discourse whether 'real' is meant philosophically, in which case 'nominal' would be its opposite (as when speaking, for example, of real and nominal interest rates ), or in some other sense. Presumably the reference must be to some economically 'not real' thing such as ... a right or an idea.

The red thread of the May issue of Associate! concerns our understanding of rights in modern economic life. Rights are usually thought of and treated as commodities, but this disguises both their true social nature and deeper economic effects. While a goods market need not raise concerns, a rights market (for what else is the property market) is quite another kettle of fish.

• Inner and Outer Aspects of Associative Economics: 17 May & 21 June / Rudolf Steiner House, London

Thoughts on the recent Colours of Money Seminar (Stroud UK, April 2009 - Catherine Rayne)
There seems to be a general feeling through all levels of society that the recent events in economic history could mark a real potential space for change and a movement in a different direction. While many people want and feel the need for deep and sustained reform, far removed from the quick fixes and patching up currently offered by governments, there is very little inspiration coming from academia or elsewhere on how to build a new social or economic model which values all peoples and the planet equally ...

Read the report