The cautions at the end of Chapter 4 apply even more. My charts and tables for ¢(K,,) repeat the accumulated error and bias of those for (K), and add the crude
simplification of the three fourths rule. (5.4) expresses my understanding of what Ben-Porath means in equation (4) in his 1967 paper, where variables are defined in his three equations before. If (5.4) doesn’t capture his idea faithfully, it anyhow captures mine. Likewise my (5.5) may or may not do justice to Schultz. Some but not all possible interpretations of what he might have meant give (5.5). Again, it is my
belief whether or not his.
What Farr, Marshall and Kiker have shown, by deducting both invested and maintenance consumption from pay to get adult cash flow discounted to present value, is human livestock value to a slaveowner. It is very little. The parable of Phil and Bill argued that Bill’s maintenance is expensed on Phil’s books, but treated as net output and positive cash flow on Bill’s. | said ] can’t prove that from axioms and
definitions so far, and will need the biological imperative.
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