Isn't also the holding of cash an "imperfect proxy" for something else, namely the (subjective) "utility" provided by the goods or services that the money can buy?
On Thu, Jan 15, 2009 at 9:10 AM, Doug Henwood <[email protected]> wrote: > So studies of the effects of > housing wealth on consumption are looking at an imperfect proxy for > something, not the thing itself. > -- Sandwichman _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
