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Surprising as it may seem (or at least as it was to me), there are quite a few people who do not understand this cryptification of ‘economics’, even though it is explicitly explained by Terry a bit later ‘echo-gnomics’. Some of the confusion perhaps arises from the fact that we don’t usually associate gnomes with spirits, as in: ghosts. But I think Terry here simply means spirits (as in: souls) living underground, with the emphasis on the word ‘underground’.

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