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Can Financial Markets Form ‘Rational’ Expectations?

Published online by Cambridge University Press:  26 March 2020

Gavyn Davies
Gavyn Davies*
Affiliation:
UK Economist at Goldman Sachs International Corp. and Chairman of the ESRC Research Development Group on Industry, Economy and Environment
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Abstract

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Type
Articles
Information
National Institute Economic Review , Volume 124 , May 1988 , pp. 77 - 80
Copyright
Copyright © 1988 National Institute of Economic and Social Research

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References

(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.