Simply put, this book is about my personal ideas in economics. It’s about lessons learned from my father, J. Paul Getty, as well as my own experiences. I love the free market and the chance to prove ideas, and the fact that innovation is changing the world as we know it.
While science tends to predict the rule from the data, philosophy tends to reverse the direction. The bottom-up scientific method doesn’t get far in economics because market data reveal little about human capital, which is some two-thirds to four-fifths of all capital in most judgments including mine, beyond its rental cost in pay. The best economics can do is feel its way in the dark from assumption to prediction, as a rule, and then look for ways to scrape together enough market data for a test.
This book covers my personal theories about the following topics:
- Bank Devolution
- Depreciation Theory
- Free Growth Theory
- Inflation-Protected Dollars (DIPS)
- Market Money
- Next Generation Theory
- Depreciation Recovery Rule
- Risk Theory
- Output Rule
- Pay Rule
As you read this book, you may or may not agree with me, and that’s okay by me. But perhaps you will discover a new perspective on an old theory.
About the Author:
The music of the American composer Gordon Getty has been performed in such prestigious venues as New York’s Carnegie Hall and Lincoln Center, London’s Royal Festival Hall, Vienna’s Brahmssaal, and Moscow’s Tchaikovsky Hall and Bolshoi Theatre, as well as at the Aspen, Spoleto, and Bad Kissingen Festivals. Getty was the subject of the 2016 documentary film There Will Be Music, by director Peter Rosen. PBS broadcast the film around the country in 2017. His music is published by Rork Music. Learn more: www.GordonGetty.com.
