Epstein Secrets

MCHUGH,GEN G HEILWEIL,JEROME P SCHULTZ,MICHAEL A SPRINKLES OF PALM BEACH P

NE,HORACE H CALLAHAM,RICHARD P HAFT,ALLISON ROGERS MCCANN,FRANK J DRAIME,MRS DAVID M

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

me preference? What turned out to be Petty’s idea occurred to me about 40 years ago, when I first took an interest in evolutionary biology. My friend Alan Rogers, a population geneticist | didn’t know all the time, was thinking in the same direction. His two published papers on this are in my appendix. Neithe

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

nd published it in Social Science Information in 1989. To date it is my only publication in a refereed journal, and remains uncited as far as I know. Alan Rogers, a biologist at University of Utah, published almost the same idea in 1994! and 19972. Neither of us knew of Petty or Cassel or each other. Both of R