Wednesday, February 11, 2009

Adam Smith predicts our housing bubble collapse

more than two centuries earlier:
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.

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