The discounting presumably is to be done for each period of time at that rate of interest which represents the alternative cost of employing capital in the occupation in question; that is, at the rate which the entrepreneur could obtain in other investments

Nothing fails like success, because we do not learn anything from it. We only learn from failure, but we do not always learn the right things from failure. If there is a failure of expectations, that is, if the messages that we receive are not the same as those we expected, we can make three possible inferences.

Production functions involving only land, labor and capital... never work and never explain economic development.

A world of unseen dictatorship is conceivable, still using the forms of democratic government.

As far as many statistical series that are related to activities of mankind are concerned, the date that divides human history into two equal parts is well within living memory. The world of today is as different from the world I was born in as that world was from Julius Caesar s. I was born in the middle of human history, to date, roughly. Almost as much has happened since I was born as happened before.

The discounting presumably is to be done for each period of time at that rate of interest which represents the alternative cost of employing capital in the occupation in question; that is, at the rate which the entrepreneur could obtain in other investments

Mathematics brought rigor to Economics. Unfortunately, it also brought mortis.