I believe answering such questions needs empirical tools not speculations, unless one is an armchair economist. At the starting point must be reality, then we can sit and theorise that reality
I like your instinct here, but bear in mind that “empirical tools” does not necessarily mean spreadsheets. Numerical time series are not a very rich data source, compared to the wealth of information we can get by e.g. directly watching the day-to-day activities of market participants, or doing some accounting to track down the physical capital in which money ends up invested.
I like your instinct here, but bear in mind that “empirical tools” does not necessarily mean spreadsheets. Numerical time series are not a very rich data source, compared to the wealth of information we can get by e.g. directly watching the day-to-day activities of market participants, or doing some accounting to track down the physical capital in which money ends up invested.