| --- |
| title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_010948)" |
| source: "House Oversight: Estate Documents (Nov 12)" |
| sourceUrl: "https://www.justice.gov/epstein" |
| date: "2026-01-01" |
| category: "House Oversight" |
| eftaNumber: "HOUSE_OVERSIGHT_010948" |
| ocrPages: 1 |
| ocrChars: 2089 |
| ocrElapsed: 0.0 |
| parseTier: "external-legacy" |
| engine: "engine undisclosed (ep-nov-12.greg.technology mirror)" |
| externalSource: "greg-ep-nov-12" |
| externalLicense: "not granted" |
| externalCredit: "ep-nov-12.greg.technology" |
| externalUrl: "https://ep-nov-12.greg.technology" |
| --- |
| |
| founded the national accounts in the 1920s and reorganized them along Keynesian |
| lines when the General Theory was published, reconstructed them back to 1870 for |
| the U.S. economy. Piketty and Zucman incorporate this research and others. They |
| have acted as editors only. As a layman, I would hardly be qualified to find and |
| interpret original sources. Even most economists might lack that specialty. I simply |
| trust Picketty and Zucman. They will have compounded misreadings and editors' |
| bias in those sources by adding their own, and I will have added mine. They and I |
| have plenty. Editing is bias by definition. But we can't do without it. We manage as |
| best we can. |
| To make sure, I also test Mill's idea on stock market data from the same nations and |
| periods. Here my source was the Global Financial Data website marketed by |
| Bloomberg. Market cap corresponds to capital, dividend yield to consumption and |
| total return to output. Charts and tables show free growth as essentially all of |
| growth in stock markets too. |
| Now try a first look at the charts and tables. The lollipop-shaped Greek letter 4 |
| (phi) is something I call the free growth index. It reads 1 in years when growth is |
| explained as Mill described, 0 in years when belt-tightening was the explanation, |
| and something in between when there was both. The free growth index will be |
| explained in chapters 4 and 5. The charts can be messy, and the data jumps around. |
| There are spikes, both up and down, which tend to disappear in the charts which |
| screen out small absolute values of the denominator (capital acceleration). But the |
| free growth index clearly jumps around 1, not zero, both before or after the |
| screening. It is as often above 1 as below. That means that growth is as likely to |
| coincide with belt-loosening as belt-tightening. My free website |
| FreeGrowth&OtherSurprises.org shows how everything was calculated. |
| Economists will not be as surprised as they might have been a century ago. Growth |
| theory since Solow's revolutionary papers in 1956 and 1957 has marginalized |
| Chapter 2: Fast Forward |
| 1/06/16 |
| HOUSE_OVERSIGHT_010948 |
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