Shares are deemed pricey when the p/e ratio is above its long-run average.

如市盈率超出长期平均状况，股份价格即被视为昂贵。

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That long-run average offers a better guide to the future.

长期平均值更好地为未来指明方向。

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Switzerland's ratio is also less than its long-run average.

瑞士比率也低于长期平均水平。

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On average, share-price gains in those years have far outperformed the long-run average for the stockmarket.

ECONOMIST: American productivity

American industry as a whole operated at 82.4% of full capacity, 1.4 percentage points above its long-run average.

ECONOMIST: Overview

Circa 4.5% per year coming out of serial or otherwise lousy recessions, settling into a long-run average of 3.3%.

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