If you put a ten dollar bill under the rug instead of spending it, that is capital formation. It represents ten dollars' worth of something that might have been immediately consumed, but wasn't.
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Nationality: American Type: Journalist Born: 1878 Death: 1954 |
“Historically, when Americans don't know what to do next, they go to Paris. Benjamin Franklin is like: 'What am I going to do now? I'll go to Paris!'”
“I, for one, hope that youth will again revolt and again demoralize the dead weight of conformity that now lies upon us.”