rather than overestimating it as Farr claimed, by leaving 1 The Nature of Capital. 2 The Nature of Capital and Income. 3 The Rate of Interest. 4 Verbum Sapienti. 5 Political Arithmetic (1676) and A Gross Estimate of the Wealth of England (1685). 6 Vital Statistics. Chapter 5 Bringing Human Capital In 1/13/1

mated the aggregate pay of English workers, and divided by the discount rate he had modeled in A Treatise of Taxes two years earlier. | have not read Verbum Sapienti, but have read two of his later versions of the same argument>. Petty’s method was criticized by William Farr in 1854, also in a paper I haven’t re