to your HTML Add class="sortable" to any table you'd like to make sortable Click on the headers to sort Thanks to many, many people for contributions and suggestions. Licenced as X11: http://www.kryogenix.org/code/browser/licence.html This basically means: do what you want with it. */ var stIsIE = /*@cc_on!@*/false; sorttable = { init: function() { // quit if this function has already been called if (arguments.callee.done) return; // flag this function so we don't do the same thing twice arguments.callee.done = true; // kill the timer if (_timer) clearInterval(_timer); if (!document.createElement || !document.getElementsByTagName) return; sorttable.DATE_RE = /^(\d\d?)[\/\.-](\d\d?)[\/\.-]((\d\d)?\d\d)$/; forEach(document.getElementsByTagName('table'), function(table) { if (table.className.search(/\bsortable\b/) != -1) { sorttable.makeSortable(table); } }); }, makeSortable: function(table) { if (table.getElementsByTagName('thead').length == 0) { // table doesn't have a tHead. Since it should have, create one and // put the first table row in it. the = document.createElement('thead'); the.appendChild(table.rows[0]); table.insertBefore(the,table.firstChild); } // Safari doesn't support table.tHead, sigh if (table.tHead == null) table.tHead = table.getElementsByTagName('thead')[0]; if (table.tHead.rows.length != 1) return; // can't cope with two header rows // Sorttable v1 put rows with a class of "sortbottom" at the bottom (as // "total" rows, for example). This is B&R, since what you're supposed // to do is put them in a tfoot. So, if there are sortbottom rows, // for backwards compatibility, move them to tfoot (creating it if needed). sortbottomrows = []; for (var i=0; i
As promised, here's our operational definition of an economic bubble:
An economic bubble exists whenever the price of an asset that may be freely exchanged in a well-established market first soars then plummets over a sustained period of time at rates that are decoupled from the rate of growth of the income that might be realized from owning or holding the asset.
Here are a couple of examples of our definition at work:
Regular readers of Political Calculations will recognize the following chart illustrating the Dot-Com stock market bubble:
To recognize that a bubble exists in housing, we should observe the similarity between the relative rise of housing prices with respect to rent to that of the value of the S&P 500 index with respect to the index' dividends per share for the period that we've identified for the Dot-Com bubble (in particular, where we've pointed to the Index Value in the chart!)
Applying this definition gets trickier where non-renewable commodities like oil are concerned. After all, oil is something that is consumed - there is really no way that you can rent oil to use for just a little while then give the asset back to the owner! Still, there has to be some kind of stream of payments related to the production of oil whose value should be expected to increase in near lockstep with the price of oil when the price is driven by fundamental supply and demand impulses, and would not if the growth rate in the price of oil is decoupled from them. The best we could figure would be oil royalties, so here's how we would put it in terms of our operational definition of an economic bubble:
What we don't have to check this latter example is data related to the value of oil royalty payments over time. If there's anyone out there who does have that kind of data, plot it against the price of a barrel of oil over time and see if anything emerges!
Speaking of things emerging, we can also now more formally define when order exists in economic markets:
Order exists in a market whenever the change in the price of assets in the market are closely coupled with the change in the income that might be realized from owning or holding the assets, within a band of approximately normal variation about a central tendency.
And now market disorder:
Disorder exists in a market whenever the change in the price of assets in the market is not coupled with the change in the income that might be realized from owning or holding the assets within a band of approximately normal variation about a central tendency that would describe the relationship between the two when order exists in the market.
Finally, let's recognize that bubbles are not the only kind of disorder that can occur in a market:
A disruptive event may be said to be taking place whenever a significant change in the price of assets in the market is not coupled with the change in the income that might be realized from owning or holding the assets over a limited period of time.
An economic bubble is an example of a disruptive event, as are shifts in the equilibrium that exists between prices and ownership-derived realizable income, such as market crashes or stable bull markets.
Labels: dividends, economics, SP 500, stock market
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Closing values for previous trading day.
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