On Mar 12, 2009, at 11:29 AM, Jim Devine wrote:
is it right to think of "fictitious capital" as referring to cases where Tobin's Q is greater than one? (One version of Q is (stock-market valuation of real assets)/(actual value of those assets), though Tobin uses the reproduction cost of those assets in the denominator.)
What difference is there between the "actual [monetary] value of real assets" and the reproduction cost of those assets?
Shane Mage
This cosmos did none of gods or men make, but it always was and is and shall be: an everlasting fire, kindling in measures and going out in measures." Herakleitos of Ephesos
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