Study week on the econometric approach to development planning

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Monograph

Identifikator:: 1824422792

URN:: urn:nbn:de:zbw-retromon-217476

Document type:: Monograph

Title:: Study week on the econometric approach to development planning

Place of publication:: Amsterdam [u.a.]

Publisher:: North-Holland Publ. Co. [u.a.]

Year of publication:: 1965

Scope:: XLVII, 1259 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The rates of long-run economic growth and capital transfer from developed to underdeveloped areas / Wassily Leontief, Harvard University - Cambridge, Mass. - U.S.A.

Collection:: Economics Books

CHAPTER XIII FLIGHT FROM BONDS TO STOCKS A potent reason for the long bull market rising to the plateau of stock prices of 1923-1930, is that there has been a material change during this period in the estimate of the public as to the risk of invest ing in common stocks. Whether this change is justified or not, the change has occurred. Only a few years ago a bond was regarded as far safer than a stock; a stock, in other words, as far unsafer than a bond. Prior to 1923 most investors thought that bonds were safe. They forgot that the dollar was not safe, and that the fixed dollar return from bonds might at any time shrink in purchasing power. In Germany people had lost 9g per cent of their prin- cipal and interest on bonds through forgetting that the mark was not safe under the influence of the “money illusion.” I have analyzed this illusion in the preceding chapter. In truth, the “safety” of bonds proved during the war a delusion and a snare. It is only since the tragic downfall of stocks in the crash of 1929 that bonds again afford a contrast on the side of safety. Sometimes, when the dollar was steady, bonds raf

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