This week on the podcast, we review a working paper entitled "The Rate of Return on Everything." We answer the question, which assets tend to have the highest rates of return over time? What is secular stagnation? Why is economic growth important for a large democracy like the United States, and what we can do to improve growth in a decadent society? Are there tradeoffs between growth and inequality? We also talk about Jack Bogle, modern index investing, and how investing in equities contrasts with investing in real estate.