Look what the housing--the blue line shows what home prices in real terms have done in Los Angeles over the last thirty years.

看看房地产的情况...那条蓝线,显示了在过去30年中以实际价格计算的,洛杉矶房屋价格走势

耶鲁公开课 - 金融市场课程节选

Now the interesting thing is, the green line here is the expenditure on real estate investment.

有个有趣的情况,绿线代表房地产投资支出

耶鲁公开课 - 金融市场课程节选

The green line is the building costs and you can see that building costs, since 1890, in real terms-- everything is corrected for inflation -have gone up a little bit since 1890, but not a whole lot.

绿线表示了建筑成本,你可以看到建筑成本,自1890年来,以实际值计算,所有的数据均进行了通胀修正,从1890年开始有一点点上涨,并非是大幅度上涨

耶鲁公开课 - 金融市场课程节选