Epstein Secrets

t cherry-picked to support Mill’s idea. They are all | have found. My source for national accounts including market-valued capital was the website of Thomas Piketty and Gabriel Zucman adjusting their data to uniform accounting standards and measuring them in 2010 currency units. It also collects recent and past r

in the 1920s and reorganized them along Keynesian lines when the General Theory was published, reconstructed them back to 1870 for the U.S. economy. Piketty and Zucman incorporate this research and others. They have acted as editors only. As a layman, I would hardly be qualified to find and interpret orig

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

estment. My charts and tables will never be exact. There are inevitably errors and judgment biases in the national accounts and research assembled by Piketty and Zucman, more added by them, and more by me. These cautions will apply to later chapters as well. Chapter 4 Mill’s Idea 1/11/16 28 HOUSE_OVERSI

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

me. But my prescription is opposite. Reconceive it from scratch, and teach it right. Award Nobel prizes to those who help. My first nominees would be Piketty and Zucman. Not that I think much of Piketty’s arguments. But his website with Zucman is as powerful a new resource for scholarship and the database

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