w for them, and they are huge flows. Human depreciation is depreciation of the larger factor. And self-invested work includes more than learning. Ben-Porath showed, as we will see, that it equals all growth in human capital not explained by inflows of nurture and schooling less outflows in human Chapter

and her secretary each molds all her assets of both factors to her single risk tolerance at the time. Tweaking the Life Cycle Model I consider Ben-Porath’s life cycle model of 1967 the most important paper in 20 century economics. | agree with all of it more or less. Now it needs clarification and com