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HOUSE_OVERSIGHT_010912 - HOUSE_OVERSIGHT_011169
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
Page: HOUSE_OVERSIGHT_010964 →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
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