Paul Krugman

@paulkrugman ↗

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Last Checked Sept. 15, 2020

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Wed Aug 19 13:14:42 +0000 2020

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Paul Krugman @paulkrugman

In 2020, the stock market is dominated by a handful of tech giants that can expect to earn a steady stream of monopoly or quasi-monopoly rents for years to come. The value of these companies should depend on the discounted value of those streams2/ — PolitiTweet.org

Posted Aug. 19, 2020

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Paul Krugman @paulkrugman

One really encouraging thing about the past few days is that nobody seems to care about the stock market hitting new highs. Good judgment! The stock market is not the economy. Still, is there a puzzle here? Less than you might imagine 1/ — PolitiTweet.org

Posted Aug. 19, 2020

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Paul Krugman @paulkrugman

What affects this discounted value? The expected state of the economy over the next few quarters *shouldn't* matter much, as long as we're eventually going to recover. What should matter a lot, however, is the discount rate 3/ — PolitiTweet.org

Posted Aug. 19, 2020