SAVING AND INVESTMENTREAL OR MONETARY INVESTMENTWHICH TYPE OF ASSET IS MORE ATTRACTIVE, OFFERING HIGHER RETURNS OVER THE LONG RUN?HISTORIC EVIDENCEVOLATILITY (NOT RISK)WHAT IS RISK?WHY DO EQUITIES OFFER BOTH GREATER RETURNS AND LESS LONG-TERM RISK?MORE ON THE POLITICAL PROBLEMCONCLUSIONAPPENDIX AAPPENDIX BNOTES