Technical discussion of market capitalization and its use in economic measurement

Technical discussion of market capitalization and its use in economic measurement The passage is a purely academic explanation of market cap, private wealth calculations, and a methodological note on using stock market data for growth theory. It contains no specific actors, transactions, dates, or allegations that could be investigated. Key insights: Defines market capitalization and its limitations.; Describes how national accounts aggregate market cap and debt to estimate private wealth.; Suggests using stock market total return as a proxy for output in free growth theory.