I don't agree. In a farming village centuries ago, a man bought a second hoe from an estate sale. He would go on to lend it to others who needed a hoe, and char

I don't agree. In a farming village centuries ago, a man bought a second hoe from an estate sale. He would go on to lend it to others who needed a hoe, and charge rent for the use of that hoe. Over the seasons, his hoe brought him good rent, but then it came time to sell it. Because many of the hoes in town had been made by the blacksmith's apprentice, several had broken over the years, and the old master blacksmith's arthritis had prevented him from making new ones. But our hero's was one of the few crafted by the master, so over the intervening time, and with careful maintenance, it had actually appreciated as an asset, in addition to the investment income it generated. This was unquestionably an investment on his part, in the traditional sense of the word. Our hero bought a productive asset and earned returns from that asset. It was nice that it also appreciated, but that's not necessarily what he bought it for. Or maybe he did. It doesn't fundamentally change the nature of his effort. Buying a stock is very much like that, with lower transaction costs and risks. Only the productive asset you're buying is not a physical one, but a legal one and social one. Also, you can buy corporate bonds. They don't pay shit because everyone wants a safe investment like what you're describing, and money is real cheap right now.