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exponentially to become all of cash flow at the end. This completes the explanation of age-wage profiles as we see them. Pay is all human depreciation at the end. What I Thought Once Chapter 6 will compare accounting for human capital to accounting for a firm. Pay, in this analogy, is the worker’s revenue. The firm deducts outside operating costs of labor and supplies to leave gross realized output. The analogy for human capital would be maintenance consumption enabling life and activity. But I don’t deduct this in reaching the workers’ gross realized output (gross realized work) because | take it as part of the net output we intend in itself rather than a cost in return for what we intend. I see adult consumption as mainly Schultz’ pure consumption exhausted from the universe of capital, including human capital, in satisfying our taste for adult survival. Opinion is divided here. Some economists have treated the maintenance consumption that keeps workers going as new investment in human capital for the sake of higher pay in future. Some in the 18 century expensed it, like maintenance in the firm, as a cost recovered in keeping up the worker’s revenue (pay) now, rather than invested for later. I did that for years. I now treat it as recovered neither in pay now nor pay later. Even though we couldn’t earn without it, | count it in pure consumption exhausted in satisfying tastes for survival. When I! thought it was recovered in pay and work products, up to about five years ago, I realized that human depreciation could not also be. There would be nothing left for pure consumption except Mill’s “unproductive consumption” neither replacing nor maintaining human capital. That would stand biology on its head. Biology is precisely about replacing and maintaining us. Unproductive consumption, for which there seem to be parallels in other species, is something biology has yet to justify. It cannot be the unique taste satisfaction that behavior reveals. Chapter 2: Fast Forward 1/06/16 17 HOUSE_OVERSIGHT_010957