So does this debunk the theory that prices depend on supply and demand and will we have to follow in the footsteps of the Japanese and resign ourselves to extremely low interest rates for the long term? It is in our view important that we remain cautious in dismissing basic economic theories and explanations. The emergence of truly new structures is less common than is sometimes claimed. Let's not forget, by way of example, that little more than a decade ago, the New Economy hype sent shares skyrocketing to unprecedented heights, taking price-to-earnings ratios along with them. Today, we know that this was nothing more than a bubble.