About four weeks ago in my Weekly Research links provided on a daily basis to subscribers, I linked to a NBER study through an ungated earlier version, because NBER paywalls the general public. The title is "The Rate of Return on Everything, 1870–2015" by Jorda, Knoll, Kuvshinov, Schularick, and Taylor. The paper asks "What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in
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