所有的劳动成果都由两代人共同消费,任何财富都在参与着社会的再分配。可以用一个指标——房价收入比来衡量这种财富在世代交替中的分配均衡问题。房价收入比比任何指标都更能准确地反映房价的高低。它是现在劳动与过去劳动的交换尺度,也是社会真实利率的体现。 All labor is consumed jointly by two generations, and any wealth is involved in the redistribution of society. We can use an indicator - price-income ratio to measure the distribution of wealth in the generational alternation problem. House prices than any indicator of income more accurately reflect the level of prices. It is a measure of the exchange of labor and past labor, as well as an indication of the true interest rate of society.