As Solow remarked when he received the Nobel Prize in economics in 1987, “One of the achievements of growth theory was to relate equilibrium growth to asset pricing under tranquil conditions.” In other words, private investment and distribution goals could be made objects of indirect planning if capital markets sent meaningful signals about social priorities. But “the hard part of disequilibrium growth is that we do not have — and it may be impossible to have — a really good theory of asset valuation under turbulent conditions.” High securities prices might signal that a corporation or municipality was satisfying public wants through its provision of sales or services — or that it had been thrown on the betting table or the chopping block. Profits and profitability in the capital market, it turned out, no longer told us anything about what kind of products and services the public wanted to consume and how. Maybe they never had.