Human and Other Types of Capital What makes America wealthy? Some would argue that America is rich ” and it is the richest country in history, by far ” because of its people. Specifically, their ingenuity, drive, skills, diversity, etc. Call that the nation’s “human capital.” Some would say America’s wealth lies in its bountiful natural...Read More
Grantham Embraces “Accounting for Earth” “The full replacement of our resources is somewhere between very expensive and impossible, so our measurement system simplified the issue by ignoring it completely.” –Jeremy Grantham I couldn’t have said it better myself. But I came close, in this post three years ago: “Just consider how GDP now accounts for...Read More
The Search for New Currencies Although G.D.P. numbers still aren’t perfect ” they are subject to periodic revisions, for example ” the basic problem has been largely solved. –Robert Shiller, “A Way to Share in a Nation’s Growth“; The New York Times (12/26/2009) In a piece in today’s New York Times, Robert Shiller — that...Read More
