Lagged GNP growth rates are not good predictors of future GNP growth rates, but other factors like the consumption/GNP ratio can forecast long-term GNP growth. Labor income and stock prices also show similar patterns. Changes in GNP in response to shocks are mostly temporary if consumption remains constant. Stock prices can also have temporary movements in response to changes in dividends. These findings have implications for how we analyze trends in GNP and labor income, as well as for understanding why stock prices may not always reflect long-term changes accurately.