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Stock numbers for Apple are displayed on a monitor on the floor of the New York Stock Exchange in August 2019.

Drew Angerer/Getty Images

While it’s had some ups and downs, the stock market has soared to historic heights in recent years. For many, that’s great news: It’s a sign the economy and their retirement accounts are doing really well. For Jan Eeckhout, however, the booming stock market is a sign there’s something deeply wrong with the economy.

Sure, the economist says, he has a retirement account with stocks, and he personally benefits from the ongoing bonanza on stock exchanges. But the rocket ride of the stock market is powered by the exploding…

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