I Was Not Sympathetic To The Assumption

A Stronger Yuan Could Lead To Greater Chinese Asset Accumulation In The U.s. And Elsewhere.

Along With Others, I Have Tried To Pry Economists Away From Narrow Assumptions About Self Interest. Behavior Is Driven By A Much Richer Set Of Values And Preferences.

Economy Is The Art Of Making The Most Of Life.

Human Capital Analysis Starts With The Assumption That Individuals Decide On Their Education, Training, Medical Care, And Other Additions To Knowledge And Health By Weighing The Benefits And Costs. Benefits Include Cultural And Other Non-monetary Gains Along With Improvement In Earnings And Occupations, While Costs Usually Depend Mainly On The Foregone Value Of The Time Spent On These Investments.

Different Constraints Are Decisive For Different Situations, But The Most Fundamental Constraint Is Limited Time.