In a message dated 1/7/03 12:53:47 AM, [EMAIL PROTECTED] writes:
<< I find it interesting that there are so many more articles about bubbles
than about the underlying reality of the equity premium puzzle. This is
a nice case where a little knowledge is a dangerous thing. The average
investor would be far better off if they did think that enormous returns
could continue forever because, in a deep though less dramatic way, they
DO. I suspect that a lot of people have been turned off to stock
ownership for decades in spite of the fact that they are the smart
long-term bet.
--
Prof. Bryan Caplan
Department of Economics George Mason University >>
If one had a cynical bent one might suggest that the predominance of stories
about the small bubbles in the huge cake batter of the miracle of modern
economic growth stems from a prevalence of statists in the news media.
David Levenstam
