Epstein Secrets

tury,° and to 3% — 10% by the seventeenth and eighteenth’. The authors comment:@ “...interest rates declined during much of the later Middle Ages and Renaissance. The earliest short-term rates quoted were somewhat higher than the last and highest of the western Roman Legal limits. They were not too different f

tal of children. But Farr deserves credit for pointing out that human capital in general capitalizes pay less invested consumption. Keynes’ teacher Alfred Marshall agreed with Farr in 1990’. As I read this passage, Marshall interpreted maintenance consumption as investment. So did B. F. Kiker? in 1968. | interpr

ks, inevitably leveraged at 10:1 or more, are the weak link explaining economic collapses about once a generation since the system was founded in the Renaissance. Misdeeds and misguesses and world events were only the proximate cause. Chicanery will be with us forever. Honest bad judgment will be with us forev

for third seem well behind. Maybe Jevons or John Rae or Leon Walras. Time has not been kind to the teachings of Keynes. I would now rank his teacher Alfred Marshall higher. I like Myrdal’s magnificent ex ante - ex post distinction. Boehm Bawerk and the Austrian school are underrated. The pantheon might have room

!. The mouse. Laser printing. A graphical user interface. PARC was arguably the most economically significant small group in human history, an entire Renaissance packed into a couple of dozen offices. Just as the nations that produced the finest mariners once dominated global commerce and decided political que

new, nearly inverted logic. “Our understanding of how markets and businesses operate was passed down to us more than a century ago by figures such as Alfred Marshall,” the economist Brian Arthur wrote in the Harvard Business Review in the summer of 1996. “It is an understanding based squarely upon the assumption o