oes. The endurance of human capital through to mortality is not logical certitude, but need not be doubted either. Retouching the Ben-Porath Model Ben-Porath’s life cycle model seems right enough in all features but one. Equations in his 1967 paper imply that pay measures realized work alone. This should be

ffect, much as with invested and maintenance consumption. Evidence that hourly if not yearly pay rises until retirement, or very near, would refute Ben-Porath’s claim if human capital ended at retirement. But it continues through retirement because imputed pay does. Mill and a few economists before him ackn