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Can Financial Markets Form ‘Rational’ Expectations?
Published online by Cambridge University Press: 26 March 2020
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- Copyright © 1988 National Institute of Economic and Social Research
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(1) It is interesting to note, however, that this has not happened even in the United States, where overall net worth has been rising in recent years. In 1986, for example, gross domestic investment was $617 billion, capital consumption was $457 billion, leaving net domestic investment at about $214 billion. Net foreign liabilities rose in the year by $144 billion, so national net worth rose by around $70 billion.