“In two years, yes. Come and take it away!”
No, the ones we are getting right off the boat from China. Those are worthless, according to you, so give me one of those for free.
“It’s not either “wealth” or “worthless”.”
If it’s not “wealth”, then it must be “worthless”. There is no in-between state. This is an absolute binary quality:
http://www.merriam-webster.com/dictionary/wealth
“4 a : all property that has a money value or an exchangeable value
b : all material objects that have economic utility; especially : the stock of useful goods having economic value in existence at any one time (national wealth)”
“Consumer goods are not “wealth”.”
Then give them to me for free.
“Even though they have value (for now), You don’t accumulate wealth by buying flat screen tvs.”
How one “accumulates wealth” is an entirely separate question from the current question, which is whether the trade between China and the US is imbalanced, so your objection is irrelevant.
“Capital, such as the factories that produce the TV’s, or interest/dividend paying wads of cash, is wealth.”
No, capital is capital. Wealth is wealth. I suggest you take a refresher economics course, or just crack open a dictionary.
“No, the ones we are getting right off the boat from China. Those are worthless, according to you, so give me one of those for free.”
I never said they were “worthless”.
Reading comprehension course for you!
“If it’s not “wealth”, then it must be “worthless”. There is no in-between state.”
Ridiculous! Is a can of beans “wealth” or “worthless”?
Is an underwater house being rented out “wealth” or “worthless”?
“How one “accumulates wealth” is an entirely separate question from the current question, which is whether the trade between China and the US is imbalanced, so your objection is irrelevant.”
No it isn’t.
By your logic if I buy a flat screen tv, I’m somehow “wealthier”. All I’ve done is taken 500 dollars and traded it for a tv that will be worthless in 5 years.
There’s no net gain, and in time a net loss.
and if we as a nation buy millions of flat screen tvs we’re all NOT wealthier.
On the other hand, if I took that same 500 dollars and bought Apple stock, in 5 years, I’d (most likely) be “wealthier”.
“Wealth is wealth.”
And consumer goods are not wealth.
“I suggest you take a refresher economics course, or just crack open a dictionary.”
Tell you what, go out and buy large amounts of flat screen tv’s and I’ll buy an equal dollar amount of stocks, bonds, real estate, etc...
...and we’ll meet in a couple of years to see who has “wealth”.
Lol.