Epstein Secrets

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]

ibility. His mineshaft scenario works if it somehow maximizes return in the big picture. My language differs from Keynes’ in several ways. I prefer Myrdal’s ex ante - ex post dichotomy, published three years after the General Theory, to Keynes’ equivalent attempted-realized one. Like Myrdal, and unlike

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

nvestment is the path out of slumps. Investment will come when prospects of return do. Although the General Theory was published three years before Myrdal’s ex ante - ex post distinction, Keynes would have realized the same thing. | think he made the understandable mistake of supposing that the differen

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

ybe 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 for him. Am I being