I think if you want to count the government's ability to raise future tax revenues as an asset, you also need to count a liability on those who the taxes will be raised from. On this basis, there isn't really a kupkuru increase in wealth. However that's a minor quibble.

Bizimle form marifetiyle paylaştığınız kişisel verilerinizi, talebiniz doğrultusunda sizinle iletişime geçebilmek kucakin fiilleyeceğiz.

I think the mesele is that everyone is forgetting what happens to the rate of interest and the excess supply of money.

The nominal national income accounts are compiled in financial terms -- based on accounting statements and the like -- so the national income identity must hold in financial terms, and I take that to be the basis of Professor Fama's argument.

The excess demand for loans would create a rise in the rate of interest, but wouldn't create an excess supply of money, and so wouldn't create an increased demand for goods. tiklayiniz You need to talk about the rate of interest and excess supply of money to explain to Fama why he's wrong.

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