In the end, the only "real" thing is the fiction (sorry Michael, but I couldn't help it...)
âIn all these civilised countries, where the price system has gone into effect men count their wealth in money-values. So much so that by settled habit, induced by long and close application to the pursuit of net gain in terms of price, men have come to the conviction that moneyâvalues are more real and substantial than any of the material facts in this transitory world. So much so that the final purpose of any businesslike undertaking is always a sale, by which the seller comes in for the price of his goods; and when a person has sold his goods, and so becomes in effect a creditor by that much, he is said to have "realised" his wealth, or to have "realised" his holdings. In the business world the price of things is a more substantial fact than the things themselvesâ (Thorstein Veblen, Absetnee Ownership)
Jonathan Nitzan
michael perelman wrote:
Can anyone point me to a good source for realized capital gains?
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Michael Perelman Economics Department California State University michael at ecst.csuchico.edu Chico, CA 95929 530-898-5321 fax 530-898-5901
