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The housing market, an important engine of demand (because people have realised capital gains as they sold their houses, received cash as they refinanced their mortgages and boosted construction demand by building new houses), is still extraordinarily vigorous.
Realised capital gains, for instance, are not included in income, even though the taxes paid on capital gains are deducted from income.
Ed McKelvey, an economist at Goldman Sachs, points out that the historically flat personal saving rate (once realised capital gains are included) means that households are, in essence, treating such gains as a perfect substitute for disposable income.
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In French law, this meant he realised certain capital gains (though he had not sold the shares concerned) and must pay tax.
Debts have to be serviced out of income; if everybody tried to realise their capital gains by selling shares, prices would crash.The private-sector financial deficit is therefore a better measure of sustainability than gross saving.
"In my experience the people who have made money have bought and waited for a decade before realising any capital from what they have originally bought".
"[The council's] investment [in Liberty Stadium] doesn't produce any income for them so they may think it better to realise some capital.
Then the former venture capitalist realised that the capital had, in fact, become his home.
It has demonstrated that native woodland has a significant natural capital value realised in terms of the contribution of a variety of ecosystem services for human welfare.
"Lower income people have been prevented from realising their human capital potential, which is bad for the economy as a whole," an abstract to the study states.
This creates a potentially far bigger direct "wealth effect", with consumers adjusting their spending with an eye on the rise and fall of the stockmarkets, regardless of whether they realise their own capital gains or losses.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com