On Mar 12, 2009, at 11:54 AM, Jim Devine wrote:
me:
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.)
Shane writes:
What difference is there between the "actual [monetary] value of real
assets" and the reproduction cost of those assets?
the actual value would reflect the possible _benefits_ to their owners
from the use of the assets.
But isn't "market valuation" the only conceivable measure of the
"actual value" of a capital asset, whose only benefit to its owner is
the "possible" income stream accruing from it?
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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