where F, is human cash flow, z (pi) is pay, and C_ is invested consumption. The

F.=2-C_, (A5.1) where F, is human cash flow, z (pi) is pay, and C_ is invested consumption. The subscript s, as usual, means saved or self-invested. Pay z can be defined as the worker’s literal or imputed revenue. Self-invested consumption C_ can be defined as any investment in human capital other than through self-invested work. This makes C, all investment from outside in a sense. But that does not mean that it is limited to transfer in. There is also plowback from revenue (pay 7 ), as when we spend pay on textbooks or tuition. I model “pay plowback” 7, as minor in the world we know, but definitions must account for it. This I define C.=(H) +m, or t(H) =C,-7,, (A5.2) where t(H)_ is “human transfer in”. This and (A1.2a), showing F =T_, give F(H) =c(H) =C,-z, . (A5.3) (A3.1) and (A3.2), analyzing the firm, derived P-P. = Y gross = Y, +D, 5 For human capital, this can show as 1-1. = W, gross = W, + D(H), , (A5.4) APPENDIX A: The Argument in Notation 3/7/16 12 HOUSE_OVERSIGHT_011138