The Wealth Effect
The Wealth Effect
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Money is a scale by which wealth is estimated, and though it is
not wealth, more than a barometer is weather, yet it is our only
mode of computing it, and nothing, perhaps, is more natural than
that the shadow should sometimes have been over-valued, or even
taken for the substance.
-- Thomas Joplin, Outline of a System of Political Economy, 1823
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