On: The Rate of Return on Everything, 1870–2015 [pdf]

[xiphias2]

Gold / commodities are missing from the article, and a quite significant part of the economy

[mrfredward → xiphias2]

Producers of gold/commodities are included, as these are businesses financed with debt/equity.The return on buying gold bars and sticking them in your basement (or buying a note tied to the value of gold in someone vault) isn't covered because it doesn't produce income in the way that stocks, bonds, and rental properties do.

[rpz → mrfredward]

In what way does the income on an investment on precious metals or commodities differ from the income on a paper asset?

An interesting difference that I do know with respect to gold is that selling physical gold is not subject to any taxation

[mrfredward → rpz]

Companies return capital to shareholders, bonds pay interest, and when you rent out real estate, tenants send you a check every month.

No one sends you a check in the mail for having a gold bar in your basement. There is no income, but you can benefit from a change in price when you sell it.

[xiphias2 → mrfredward]

I thought the article is about capital returns (income+change of price), that's the only interesting way to compare assets.