You are right, and the government creates inefficiencies in that area by promulgating laws that favor special form of capital formation, in the 70' it was the real estate bubble that was created because of the deduction of "not at risk" capital invested in RE, till the sudden change to "at risk" rule which destroyed the S&L in the early 80' a vey big mistake (the first, in causing mis allocation of capital, and the second, by having a sudden change, not allowing gradual shift of capital to more productive channels). In h early 90' Clinton promulgated the SQB 1242 exclusion, getting a lot of excess capital into new start ups, which eventually went to "money heaven" in the 2000 bubble.
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