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Re: [Pen-l] What is the Crisis About? Fictitious Capital or the Destruction of Wealth?

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.
-- 
Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own
way and let people talk.) -- Karl, paraphrasing Dante.
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