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Gah, this hinges on the difference between a cash flow statement and an income statement. Depreciation is a cost but not a cash outlay...

Keynesianism is intellectually hard, as evidenced by the inability of many trained economists to get it - Paul Krugman
by Migeru (migeru at eurotrib dot com) on Wed Jan 26th, 2011 at 11:10:40 AM EST
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