On a recent visit to the local seniors centre to play bridge, my wife and I came in first and won $10. This made her very happy.
As is my way, I reminded her it cost us $4 to play, so we really only won $6. She retorted that if we hadn't won, we'd be $4 in the red instead of $10 to the good, so we're $14 better off.
I was debating the merits and impact Freidrich Hayek and John Keynes's economic philosophy have on today's financial downturn with my nephew, a graduate from Chicago University's School of Economics. I asked him if the wife and I had won $6, $10 or $14.
He told me it's like government bookkeeping - it depends on what accounting system you choose to use.
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