Two ways of measuring how this happened and what difference it made is to realize, to return to what I said earlier, that big state structures involve bureaucracies.

如果要弄懂贵族如何获利,以及贵族获利所引起的改变,我们必须意识到大国必须建立官僚机构,我在前面曾提到过这一点

耶鲁公开课 - 欧洲文明课程节选

The other thing that I mentioned last time was that there seems to be a really big difference between the expected return on the stock market and the expected return on short-term debt.

上节课提到的另一条内容是,股票市场的预期收益,与短期债券的预期收益,存在着巨大差异

耶鲁公开课 - 金融市场课程节选

So, we should use that, but people in finance resist using that because it's a lower number and when you're advertising your return you want to make it look as big as possible.

所以我们应该用这个指标,但金融界反感使用几何平均,因为它比其他平均数都来得小,他们为自己的收益率做广告时,当然希望数字越大越好

耶鲁公开课 - 金融市场课程节选