The Paradox of Wealth.

• Autores: William J. Bernstein
• Localización: Financial analysts journal, ISSN-e 0015-198X, Vol. 69, Nº. 5, 2013, págs. 18-25
• Idioma: inglés
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• Resumen

  • A recent FAJ article by Laurence Siegel painted a sunny picture of the world's economic and environmental future. Although the author agrees with Siegel's analysis, his optimism does not extend to security returns; both theory and long-run empirical data support the notion that economic growth lowers security returns by reducing impatience for consumption and altering the supply-demand dynamics of capital-the price of living in an increasingly prosperous, safe, healthy, and intellectually gratifying world.