Instead it is consumption and a transfer of wealth no different from buying a house or a movie ticket.
The second mistake, today, is to view higher house prices as increased wealth.
Purists say that a further drop in house prices would merely shuffle wealth around.
First, house prices have a bigger wealth effect on consumer spending, largely because more people own their homes than own shares.
Japanese house prices, and hence household wealth, were falling, and have continued to do so.
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House prices have a far bigger wealth effect on consumer spending than share prices do.
In a recent report, the Bank of England argued that rising house prices do not create genuine wealth in aggregate.
New home construction, and thus millions of jobs creating real wealth, would also be mobilized by adequate house prices, and new mortgages would tend to be much sounder, because people would be encouraged to make larger down payments to take advantage of the tax break.
If people have any wealth it's in their houses, but house prices don't always increase.
But rising house prices do not represent an increase in wealth for a country as a whole.
The House bill also avoids an unfair transfer of wealth from the Midwest and south-east to the coasts.
Two rich Arabs sitting in a coffee house in Riyadh counting their money from oil wealth can have an impact on the price of gold.
The ring was described as modest by the auction house from someone who had not yet acquired great wealth and power.
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Although he was born in the Georgian capital of Tbilisi, Patarkatsishvili made much of his wealth in Russia and at one time owned major Russian publishing house Kommersant, best known for its business newspaper of the same name.
Strikingly, at least by House and Price's account, employees' pursuit of wealth wasn't a big factor in HP's ascent.
That is they could have built an entirely new house, just like the one they have, from the wealth gained by defaulting on their existing mortgage.
If house prices in general are moving in line with the price of a typical house, this approach gives a good guide to changes in housing wealth, which is what matters for the Bank of England as it assesses the economy.
Thus a rise in house prices is more likely to be seen as a permanent gain in wealth by a home owner than is a rise in share prices.
The point is that every transaction involves tradeoffs, and a slightly less desirable house at a far more agreeable price can make the difference between building wealth and overextending yourself.
Willem Buiter of the London School of Economics has argued in the past that when house prices fluctuate, there are both winners and losers, but no net wealth effect.
Analyst Tim Speiss, head of the Wealth Advisory Practice at Eisner LLP, said he believes the final bill will closely mirror the House's more expensive version, saying provisions that the Senate excluded are likely to be put back in after a compromise.
If you can rent the house out and comfortable cover the mortgage, then you have a recipe for slow, steady wealth building.
On the creative side of wealth management, you can also form business entities such as a family limited liability company or limited partnership to house assets.
Even though house prices in France, Italy and Spain have risen by more than in the United States, the wealth effect on consumer spending has been smaller (see article).
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