The definition of an investment, whether it's public or private, is an undertaking that requires foregoing consumption in the present in order to achieve higher consumption in the future. It's just like the marshmallows, only you get real money, or more life satisfaction, or something else worth waiting for.
Wednesday, July 23, 2008
Have we lost the ability to sacrifice for our future?
The Naked Economist slams politicians for offering investments that look more like consumption:
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