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health care and education: they might not be assets, but they cost them! you are right though they are only assets in a stretched formulation
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I don't like the assets formulation, more like thin and slow markets - usually supply limited. Baumol's cost disease factors in as well. In some ways, automatable sectors can flex the inflation away with more productivity gains.
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Prices are downstream of rent which is downstream of a combination of amortized building and maintenance costs (Reasonably if not perfectly hard floor), but also *wage premiums*. What's being on the red line in 40 years worth?pic.twitter.com/ZQKkzVrwUb
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(Also, rents rose to a point where over half of all Millennials had to live at home with Mom and Dad because we stopped building houses and that's the easiest squeeze. But.)
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rents have spiked as well and that's not so much an asset either. I think you could tell a story about that being downstream of an asset?
HMM.