[jammer]

Lol. Thanks, but I must decline. I'm too old, and, more importantly, I probably don't have what it takes to formulate the theory. Now, if we were to talk about the value of a dollar spent by government versus a private dollar spent (in terms other than velocity and in terms other than the hackneyed Samuelson "industrial pipe" diagram), I might want to do that!

Is the skilled CPA an asset or a unit of labor, albeit very "valuable?" Until his/her management produces wealth, the asset, it seems to me, is worth nothing. Rao's (and I suppose others by now) valuation of assets using immediate, intermediate, and final cash flows, rather than CAPM is persuasive to me that the "asset's" value is zero. When it rises, the value can be computed from the return. But, I am a neophyte and am sure that I am too simplistic.

[Belisaurius]

Doesn't this sound just like the NYTimes' Paul Klugman?