Epstein Secrets

d their market value in return, as if on the books of a firm. Chapter 6: Parallels with the Firm 2/4/16 21 HOUSE_OVERSIGHT_011055 Marshall’s pupil Keynes was thoroughly a marginalist, as are economists in general today and as am I. One of the features of his General Theory of 1936 was a kind of double-

t the human capital 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.

lly his paraphrase and generalization of Darwin’s, is not quite a truism because it carries the hypothesis that “potential” has an empirical meaning. Aristotle’s idea that potency precedes and explains act is called causality. Adam Smith’s friend and fellow Scotsman David Hume scarcely doubted causality, but

ooking back on his formative years, before Europe was ground up in the First World War, the powerfully brilliant and sensitive economist John Maynard Keynes bitterly recalled the iron certainty of his set of friends and their confident, diffident arrogance: “We were not aware that civilization was a thin

an when he was 60 years old. He’d had an astonishing life until then, of course. He’d been taught by Socrates and, in turn, had sharpened the mind of Aristotle. He’d established his famous Academy in Athens. The puzzles of philosophy and politics that defined his city’s most turbulent era had been the work o

ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all

and decision making, they are the best learners in the universe. Much of the process of turning data into theories happens before we are five. Since Aristotle and Plato, there have been two basic ways of addressing the problem of how we know what we know, and they are still the main approaches in machine le

ods is largely automated, as are many services. What’s left for humans to do? In 1930—long before the advent of computers, let alone AI—John Maynard Keynes wrote, in an essay called “Economic Possibilities for our Grandchildren,” that as a result of improvements in productivity, society could produce all

and decision making, they are the best learners in the universe. Much of the process of turning data into theories happens before we are five. Since Aristotle and Plato, there have been two basic ways of addressing the problem of how we know what we know, and they are still the main approaches in machine le

of motion and laid the basis for his theory of gravity, both of which form the foundation of much of modern physics. Never- theless, as John Maynard Keynes pointed out: Newton was not the first of the age of reason, he was the last of the magicians, the last of the Babylonians and Sumerians, the last

in the same sense as Galileo, if by this term one describes those who tear down the dictates of the authorities who came before, as Galileo had for Aristotle. Einstein did just the opposite. He knew that rules that had been established on the basis of experiment could not easily be tossed aside, and it w