The title of my talk today was stimulated by a conversation I had forty years ago with Peter Bauer, the distinguished Cambridge University economist. I arrived early at a dinner for him, and before other guests arrived he proclaimed, provocatively, that the number of things that economists knew that were true, important, and not obvious, was no more than the fingers on one hand. I waited to hear what the four or five things were that were true, important, and not obvious, but other guests arrived, the conversation was interrupted, and I was left forever in suspense.
KeywordsPrivate Saving Free Lunch Careful Definition Accounting Identity Important Accounting
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