When a person acquires sufficient wealth to retire -- when working
optional -- that person is said to have gone post-economic. The dollar
figure is subjective, different for every person. Being post-economic is
beyond buying the car of your choice, beyond building the house of your
dreams. I believe it was Paul Krugman who ventured that each person's
post-economic point (he didn't use that term) can be calculated by
multiplying his or her current net worth by three.
This correction is almost a year late, but it was Brad DeLong, not Paul
Krugman, who suggested that the post-economic point is 3x your current
consumption. See <http://www.dankohn.com/happiness.html#DeLong>.
P.S. I append this exchange, though, just to show how awesome Krugman
is as well:
The Japan-style malaise the Economist describes could not worry me less.
As Paul Krugman writes:
"Twenty years ago I read a story that changed my life. I think about
that story often; it helps me to stay calm in the face of crisis, to
remain hopeful in times of depression, and to resist the pull of
fatalism and pessimism. At this gloomy moment... the lessons of that
inspirational tale are more important than ever.
The story is told in an article titled 'Monetary Theory and the Great
Capitol Hill Baby-Sitting Co-op Crisis.'"
-- Dan Kohn <mailto:firstname.lastname@example.org> <http://www.dankohn.com/> <tel:+1-650-327-2600>
This archive was generated by hypermail 2b29 : Fri Apr 27 2001 - 23:14:53 PDT