RE: Re: RE: Re: RE: Re: Keynesian economics 101

[Max Sawicky]

If vaporware affects behavior then it is less
vaporous on that account.

We measure consumption in terms of the prices
of what is consumed (possibly including shadow
prices of intangibles), so why not measure
net worth changes by the prices of capital?
How else would you measure wealth, or anything?

mbs


Max Sawicky wrote:

>Income is consumption plus the change in net worth.
>Obviously NIPA does it differently.

To persons, yes. But economy-wide, if there's no production to offset 
it, it's just vaporware.

Doug