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investment building skills. ] don’t see much avenue for investment in adult human
document IMAGES-001-HOUSE_OVERSIGHT_011053.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…think, allows an impression that workers can choose between earning and learning by allocation of time. The quotes from Schultz in Chapter 5 described that as common. I just don’t see much of it happening. Rather we tend to work fewer hours at the end of careers, not the beginni...

Re: Alex Acosta update I Power Line
email TEXT-001-HOUSE_OVERSIGHT_030958.txt Dec 6, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

…uld have provided non-stop headlines, coupled with frequent references to the sweetheart deal Acosta gave him. As Randy Schultz puts it, the trial would have been the occasion for a long overdue public shaming of Acosta. Now, he avoids this consequence. But this doesn't mean Acos...

where 4 (lambda) is deadweight loss. Meanwhile negative output belongs in the
document IMAGES-001-HOUSE_OVERSIGHT_011137.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…man cash flow” in any papers or textbooks of others, tradition defines the flow discounted to human capital as pay less Schultz’ “pure investment”. The flow so discounted is implicitly cash flow. | rename pure investment “invested consumption,” and write the traditional view as...

what years and what birthdays were in play and exactly what
document IMAGES-001-HOUSE_OVERSIGHT_011335.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ere, and therefore, the defendant should be precluded from making that kind of suggestion. And so that's item 15. MS. SCHULTZ: Turning to item 16 in the omnibus motion. Ms. Giuffre has moved the Court to exclude medical records. Here, I would actually like to direct the Court'...

Marshall’s pupil Keynes was thoroughly a marginalist, as are economists in general
document IMAGES-001-HOUSE_OVERSIGHT_011056.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ng that pay equals and compensates all of work and nothing else. That’s why (6.18) equates output to pay plus profit. Schultz and Ben-Porath and other students of human capital correct this in part by recognizing some work as self-invested rather than marketed for pay. My pay...

exponentially to become all of cash flow at the end. This completes the explanation
document IMAGES-001-HOUSE_OVERSIGHT_010957.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…f the net output we intend in itself rather than a cost in return for what we intend. I see adult consumption as mainly Schultz’ pure consumption exhausted from the universe of capital, including human capital, in satisfying our taste for adult survival. Opinion is divided here...

Tax cuts can be faster-acting than spending programs because they obviate the
document IMAGES-001-HOUSE_OVERSIGHT_011108.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…claims may be left unsatisfied. Say’s law gives no comfort except where outcomes are as expected. Tax Considerations Schultz in 1962 argued that educational (human) capital is overtaxed. What he wrote was: “The established tax treatment takes account of both depreciation and o...

The expected future flow we discount to present value, allowing for transfers too, is
document IMAGES-001-HOUSE_OVERSIGHT_010982.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ere but in this book. But the flow discounted to find human capital is understood everywhere, | think, as pay less what Schultz called pure investment and | call invested consumption. | defended this idea in my analogy between human capital and the firm. Thus | endorse the tradit...

I call invested consumption. I argued in Chapter 3 that this tradition is sound
document IMAGES-001-HOUSE_OVERSIGHT_011055.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…ested consumption. This says that the pay rule is not so exotic after all. It has been staring us in the face since the Schultz-led consensus, with Ben-Porath, figured out the human growth equation a half a century ago. We had effectively recognized human cash flow as pay less in...

interesting. Am I conjuring up something that's not going to
document IMAGES-001-HOUSE_OVERSIGHT_011323.txt House Oversight Committee — Epstein Estate Records (Nov 2025)

…e have here. So we would ask you simply to reign in derogatory language, both from witnesses and opposing counsel. MS. SCHULTZ: Your Honor, I'll be addressing the next several points in the omnibus motion, starting with number 8. I think I can narrow this issue a little bit at...

Re: Alex Acosta update I Power Line
email TEXT-001-HOUSE_OVERSIGHT_030962.txt Dec 6, 2018 House Oversight Committee — Epstein Estate Records (Nov 2025)

…uld have provided non-stop headlines, coupled with frequent references to the sweetheart deal Acosta gave him. As Randy Schultz puts it, the trial would have been the occasion for a long overdue public shaming of Acosta. Now, he avoids this consequence. But this doesn't mean Acos...