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

t in higher pay later. Meanwhile economists had developed the complementary idea of human capital as present cost of investment accumulated before. Adam Smith? in 1776 wrote .. The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a

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

ovelties. The parable of the boss and her secretary might itself be new. So might the slave paradox with its parable of Phil and Bill. Many including Adam Smith have pointed out economic inefficiencies in slavery, moral criticism aside. | can’t recall mention of this most obvious one. Bill’s maintenance consu

cientists John Padgett and Walter Powell, after considering examples of epochal, collapsing change in political and biological systems of all sorts - Renaissance finance markets, coral reefs, innovation clusters, and others - summed up their conclusions in a little koan-like package of logic: “In the short run

d. And the sum of all these interacting pieces made sustained economic growth into a reality for the first time in history. Ina “commercial society,” Adam Smith explained in The Wealth of Nations, “Every man lives by exchanging, or becomes in some measure a merchant.” Smith didn’t mean everyone was really a m