Epstein Secrets

WilliamPetty, who happens to be my nominee for greatest economist of all time. In a way, I could also credit it to the period of production theorists John Rae, Nassau Senior, William Stanley Jevons and Eugen von Boehm Bawerk. They need only to have considered human and total capital as explained by Petty t

t Generation Theory I also treat rate of return. This combined free growth theory with insights of Petty in 1662 and William Stanley Jevons in 1871. Petty’s idea was that each generation passes the baton to the next. Our investment horizon is the generation length. Its reciprocal, or one over that perio

the convergence, | argue, is biology selecting tastes that maintain and reproduce us. The idea that we act out the biological imperative is clear in Petty and Malthus, and in the equilibrium wage theory of Adam Smith and David Ricardo, where pay converges to the level preserving the work force. But if]

ome to which both gene and parasite could retreat until their times come again. Period of Production Theory Back to economics. Chapter 4 mentioned John Rae as a contributor to what later developed into Mill’s free growth theory. Rae’s book, published in 1834, also begins what was called period of product

next generation theory give more scope and policy implications. But the pay and Y rules have plenty of those, and may be new to the world. Mill and Petty beat me to the others. | have been arguing the pay and Yrules from the time | reversed course from Quesnay’s idea some five years ago. I will rederi

y. Economics and Biology Bioeconomics has meant economics informed by biology. I argued that this describes much or all of classical economics from Petty through Mill, then lapsed when the marginalists preferred to do without any explanations or justifications of tastes, and revived a century later to

intellectual equals. Mill seems a clear second, thanks to his superb paragraph on growth. The candidates 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 e

pression is that this exposure is not yet dangerous. But it needs watching. The best method to estimate aggregate adult human capital separately is Petty’s. It is present value of future human cash flow. That means pay less invested consumption. If] am right, meaning that Farr, Marshall and Kiker are w