While this is one factor, cheap capital and land have been as important.

然而这仅仅是其中的一个因素，廉价的资本和土地也同样重要。

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MGI argues that data are becoming a factor of production, like physical or human capital.

MGI指出数据正在成为像有形资本、人力资本这类产品的一个因素。

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"Even if we had taken it now it would not have counted as a factor in regulatory capital or balance sheet capital, " its spokesman said.

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However, the tax efficiency of bond ETFs is not a big factor, because capital gains do not play as big of a part in bond returns as they do in stock returns.

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The current-account deficit, now around 5% of GDP, is a key factor: if capital flows into America slowed even more sharply, or dried up, the adjustment involved in reducing the current-account deficit could be painful both for America and the rest of the world.

ECONOMIST: Time for a rethink | The