on. Meanwhile we can already be as sure of that expected recovery, not actual recovery, as of anything we know. The arguments from the maximand rule (Turgot’s insight) and the deadweight loss rule are unanswerable. An analogy from something else we all know leads to the rest of my argument. Pay over wor

o. The maximand rule says only that risk-adjusted return is always the maximand. It is not always the same as time changes circumstances. Proof is in Turgot’s equalization of return at each moment, not from one moment to the next. That is what we see wherever we look. There is a quibble worth attention.

t satisfaction, and implicitly of behavior. Therefore risk-adjusted return, the ratio of the flow maximand to its means, is the rate maximand. What Turgot said in 1766, in his Reflections, was “...as soon as the profits of one employment of money... increase or diminish, capitals turn in that direction

stant over time, they become identical to profit and rate of return. Sumerians realized that return is the universal maximand, three millennia before Turgot wrote that down, and that competition tended to equalize it to a current market norm. Then it would also equal years purchase. Petty was searching