tag:blogger.com,1999:blog-3621026.post7989888602213100897..comments2024-03-29T06:05:04.162+01:00Comments on Robert's Stochastic thoughts: Roberthttp://www.blogger.com/profile/14455788499385673507noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-3621026.post-89850061445684096782008-07-08T17:54:00.000+02:002008-07-08T17:54:00.000+02:00The endowment idea is not new. Basically, governme...The endowment idea is not new. Basically, governments are allowed to carry assets on their books that can not be monetized by any other party, for example, the strength of the nation's children's bones. You can't carry the value of your children's bones on your asset sheet, at least not with a direct cash value. Your children can't carry them on their books, though they can use their good bones to carry their books. So here we have an asset, one that has an acquisition cost, a depreciation, and so on, but no mechanism for accounting it. At least, there is no private mechanism.<BR/><BR/>When slavery was allowed, slaves were considered as assets, valued based on the expected market value of their labor. That's why they used Irish immigrants to build canals in Louisiana instead of slaves. No one wanted to place their book assets at such high levels of risk from disease. (My source is secondary - Lebergott). When the slaves were freed, African American well being went off the books. Obviously, we as accountants can do better than this.Anonymousnoreply@blogger.com