Information, Impact, Ignorance, Illegality, Investing, and Inequality
  We note a simple mechanism that may at least partially resolve several outstanding economic puzzles, including why the cyclically adjusted price to earnings ratio of the S&P 500 index has been oddly high for the past two decades, why gains to capital have outpaced gains to wages, and the persistence of the equity premium. 
Bruce Knuteson
q-fin.EC q-fin.TR