Epstein Secrets

zero just as buildings do. Yoram Ben-Porath combined these ideas and more in a masterly life- cycle model published in 1967. We'll get to it soon. Schultz called the part of consumption exhausted in taste satisfaction “pure consumption”. The part invested in human capital was “pure investment”. I change

n the Neutral Zone in 1953. The Emir’s identical house was a few steps away. My father’s favorite maple sugar was still in the fridge. I read the few Shakespeare plays | hadn’t read in college, and read or reread the complete poems and plays of John Keats. The house arrest was probably as much dressing-down

realized, as it were, in his person. The conversion of some consumption into human capital was a favorite theme of Frank Knight a generation before Schultz. Only the rest is what Schultz called pure consumption eliminated from the economy in satisfying tastes. Becker added in 1964 that this investment mu

rates were well within the range of modern rates and the lowest were far below modern rates in periods of credit stringency.” Merchants of Venice in Shakespeare’s time and long before borrowed from banks, not from Shylocks, and at rather lower cost than merchants of the twentieth century. Economics and Biol

Bawerk and the Austrian school are underrated. The pantheon might have room for him. Am I being too tough on later economists? We should not forget Schultz and Ben- Porath. Schultz’ greatest achievement, unless Mincer beat him, was in spotlighting human depreciation. That left me to ask where this huge f

ound a clear choice for third. There are awesome things in Milton, Blake, Coleridge, Tennyson, Emily, Houseman, Robinson, Dowson, Yeats and others. Shakespeare, like Mozart, doesn’t figure in the center of the picture. I take him as the greatest mind and soul yet known, the greatest playwright, the greatest