Serious question: across all the stock markets that have ever existed, across all the countries that have ever had stock markets -- _including countries & stock markets that no longer exist_ -- what's the true average rate of return? There must be econ papers on this
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And some of the stock markets in former/defunct sovereign states like these? https://en.wikipedia.org/wiki/List_of_former_sovereign_states …
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This is really a question about survivorship bias, obvs. But I guess we'd need to weight by inflation-adjusted market cap somehow.
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probably want to look at a true *moving* average rate of return, which has shrunk quite a bit over the last millennium
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