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