A dwelling-house, as such, contributes nothing to the revenue of its inhabitant. If it is lett [sic] to a tenant for rent, as the house itself can produce nothing, the tenant must always pay the rent out of some other revenue. [If rented,] the revenue of the whole body of the people can never be in the smallest degree increased by it.
Wednesday, February 11, 2009
Adam Smith predicts our housing bubble collapse
more than two centuries earlier:
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