Information, Impact, Ignorance, Illegality, Investing, and Inequality
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💱 q-fin.EC
q-fin.TR
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gainsadjustedbeencapitalcyclicallydecadesearningseconomic
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We note a simple mechanism that may at least partially resolve several outstanding economic puzzles, including why the cyclically adjusted price to earnings ratio of the S&P 500 index has been oddly high for the past two decades, why gains to capital have outpaced gains to wages, and the persistence of the equity premium.
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