ABSTRACT
A series of prices resulting from transactions throughout a ten-year period, from trading between investors in titles to capital assets in the form of securities, is not the same thing as the actual yield of that same investment over that ten-year period. A series of short terms does not equate to a long term. With real economy prices, for goods and services, a better division of labour is usually created by transactions within a market, so that producers and purchasers can be brought together and the economy can grow. It is possible to make reasonable estimates of yield, and while at any one moment the market price of a capital asset might be volatile, long-term returns are usually on average relatively stable. Prices might vary dramatically, but the underlying capital stock stays the same. No matter how much trading takes place, the economy does not grow.
