…rwise remained unnoticed as far as I know. His idea in modern terms comes from the same ancient capitalization formula. Sumerian temples knew how to evaluate land as well as mortgages and annuities by discounting to present value. In the simplest case, where cash flow is expected...
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…sumption rate as 3.5% per year. Historical data showed dividend and interest rates as more or less in this region since Sumerian times. I model pure consumption as about three fourths of all consumption. | take consumption as personal consumption expenditure (PCE) plus governmen...
…me reading in those fields, but not enough to justify a whole book. A chapter, or part of a chapter, is more like it. Sumerian temples doubled as banks, mostly for agricultural loans to finance the next crop. It is from their records, in clay tablets, that we know they understo...