2018年经济学人 自由交流:股本投资的高回报(2)

 

Similarly, long-run returns provide support for the grand theory of inequality set out in 2013 by Thomas Piketty, a French economist¹, who suggested (based in part on his own data-gathering) that the rate of return on capital was typically higher than the growth rate of the economy.

同样，长期回报还为托马·皮克迪在2013年提出的宏大的不平等理论提供了支持。这位法国经济学家（部分是基于他自己的收据收集）指出，资本回报率通常高于经济提的增长率。

As a consequence, the stock of wealth should grow over time relative to GDP.

因此，相对于GDP，财富存量应当随时间而增长。

And because wealth is less evenly distributed than income, this growth should push the economy towards ever higher levels of inequality.

同时，由于财富比收入是被较少地被分配的。

Mr Piketty summed up this contention² in the pithy³ expression “r > g”.

这种增长应当将经济体推向更高水平的不平等。皮克迪将这一论点总结在了精炼的表达式“r>g”之中。

In fact, that may understate the case, according to the newly gathered figures.

实际上，根据新收集的数据，这一表达式或许对实际情况有所低估。

In most times and places, “r”, which the authors calculate as the average return across all assets, both safe and risky⁴, is well above “g” or GDP growth.

在大多数时期和大多数地区，作者作为横跨所有资产——无论是安全的还是有风险的——的平均回报来计算的r是远远高于g ——即GDP增长——的。

Since 1870, they reckon, the average real return on wealth has been about 6% a year whereas real GDP growth has been roughly 3% a year on average.

他们推测，自1870年以来，财富的平均实际回报在每年6%左右，而实际的GDP增长大致为年均3%。

Only during the first and second world wars did rates of return drop much below growth rates.

只有在第一次和第二次世界大战期间，回报率才远远跌至增长率之下。

And in recent decades, the “great compression” in incomes and wealth that followed the world wars has come undone⁵, as asset returns persistently⁶ outstrip⁷ the growth of the economy.

同时，在最近几十年间，世界大战之后的收入和财富方面的“大压缩”已经随着财产回报持续地跑赢经济增长而自行消失了。

In such ways does the painstaking⁸ collection of data fundamentally reshape understanding of the way economies work.

耗费精力的数据收集就是以这种方式，从根本上重塑了有关经济体运作方式的理解。

It is a shame that data-gathering does not carry higher status within the profession.

数据收集没在这一行中占据更高的地位是一种耻辱。

It would raise the status of economics itself.

它会提高经济学本身的地位。

1 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

2 contention   

n.争论，争辩，论战；论点，主张

参考例句：

• The pay increase is the key point of contention. 加薪是争论的焦点。
• The real bone of contention,as you know,is money.你知道，争论的真正焦点是钱的问题。

3 pithy   

adj.(讲话或文章)简练的

参考例句：

• Many of them made a point of praising the film's pithy dialogue.他们中很多人特别赞扬了影片精炼的对白。
• His pithy comments knocked the bottom out of my argument.他精辟的评论驳倒了我的论点。

4 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

5 undone   

a.未做完的，未完成的

参考例句：

• He left nothing undone that needed attention.所有需要注意的事他都注意到了。

6 persistently   

ad.坚持地；固执地

参考例句：

• He persistently asserted his right to a share in the heritage. 他始终声称他有分享那笔遗产的权利。
• She persistently asserted her opinions. 她果断地说出了自己的意见。

7 outstrip   

v.超过，跑过

参考例句：

• He can outstrip his friend both in sports and in studies.他能在体育和学习方面胜过他的朋友。
• It is possible for us to outstrip the advanced countries in the world.我们能超过世界上先进的国家。

8 painstaking   

adj.苦干的；艰苦的，费力的，刻苦的

参考例句：

• She is not very clever but she is painstaking.她并不很聪明，但肯下苦功夫。
• Through years of our painstaking efforts,we have at last achieved what we have today.大家经过多少年的努力，才取得今天的成绩。