Paul spends a rather painstaking amount of time explaining the concept of present value to his readers, on the ([correct](https://www.nber.org/system/files/working_papers/w32497/w32497.pdf#page10)) assumption he says he’s operated on his entire career: the public, including the relatively well-educated Times readership, doesn’t understand economic concepts beyond the most fundamental.
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Paul spends a rather painstaking amount of time explaining the concept of present value to his readers, on the ([correct](https://www.nber.org/system/files/working_papers/w32497/w32497.pdf#page10)) assumption he says he’s operated on his entire career: the public, including the relatively well-educated Times readership, doesn’t understand economic concepts beyond the most fundamental.