| --- |
| title: "House Oversight: Estate Documents (Nov 12) (HOUSE_OVERSIGHT_011003)" |
| source: "House Oversight: Estate Documents (Nov 12)" |
| sourceUrl: "https://www.justice.gov/epstein" |
| date: "2026-01-01" |
| category: "House Oversight" |
| eftaNumber: "HOUSE_OVERSIGHT_011003" |
| ocrPages: 1 |
| ocrChars: 1268 |
| 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" |
| --- |
| |
| Mill and Keynes and tradition hold (4.2) and (4.2a) as logical certitudes which hold |
| constant over time. I agree if we imagine the asterisks. Constancy over time would |
| imply |
| change in growth = change in output - change in consumption. |
| (4.3) |
| I take the trouble to derive this as a road I haven't preferred to follow. I will reason |
| instead in rates rather than flows. Rates, or ratios of flows to capital, effectively |
| cancel capital from numerator and denominator. That frees them to show |
| comparison between smaller and larger economies among the eight I test. Mill's idea, |
| or anyhow mine, is that the ratio of consumption to capital in all those countries can |
| hold constant. That is what the charts and tables show. |
| To follow that lead, divide (4.2a) by capital. This finds |
| growth |
| capital |
| output consumption |
| capital |
| capital |
| (4.4) |
| That can be put more compactly as |
| growth rate = capital productivity - consumption rate, |
| (4.4a) |
| where rate always means ratio to capital. That needs a caveat because consumption |
| rate in macro means ratio to output. Capital productivity in this sense is also called |
| rate of return. |
| For more compactness still, define |
| thrift rate = - consumption rate, |
| allowing (4.4a) to be restated as |
| Chapter 4 Mill's Idea |
| 1/11/16 |
| 12 |
| HOUSE_OVERSIGHT_011003 |
|
|
