期刊名称：Gruter Institute Working Papers on Law, Economics, and Evolutionary Biology
出版年度：2001
卷号：2
出版社：Bepress
摘要：Maintenance consumption is an
expense recovered in product prices, yet also a source of taste satisfaction
which must be exhausted, rather than reinvested, from the capital affording it.
This riddle is solved in the "duplication rules": the cost of maintenance
consumption is recovered in pay and prices, but an equal flow is exhausted from
the human capital of the worker earning the pay. The rules impact tradition in
several ways. If output is defined in principle as value added, then it cannot
also be described as consumption plus net investment without double-counting the
maintenance consumption recovered in prices. Also rate of return in the
stationary state is not zero, but is the rate sufficient to offset the
exhaustion of individual human capital. The rules lead to new insights into
economic return, and support an argument that all growth at the scale of closure
is due to productivity gain rather than to thrift.
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