In a message dated 8/12/02 5:57:09 PM, [EMAIL PROTECTED] writes:
<< One might also want a separate category of savings which excludes non-reproducible assets such as paintings or land value, since, for example, if the value of a painting rises, this is an increase in the net worth of the owner, but the increase in price is a liability to the rest of society, which would have to pay more for the painting when it changes hands. Hence the rise in the value of a painting is zero-sum for society. >> Perhaps more knowledgeable heads will set me straight on this point; can't the same can't be said of the appreciation in any tangible asset, such as real estate? David
