Does economic growth logically and reliably anchor asset class returns? In his July 2026 paper entitled "A General, Scientific Unified Theory of Economic Growth, Asset Valuation and Return: A Common Necessary Constant Evidence for a Natural Law", Julian Van Erlach presents theoretical and empirical evidence connecting real economic growth (change in real Gross Domestic Product, GDP) to stock market, bond, gold and bitcoin valuations. Based on theory and empirical data for relevant economic variables and asset class returns spanning different sample periods, he concludes that:
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