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As such, it is highly surprising that so little formal thought was given to the issue of mortality (which is what makes the human resource scarce).
The legal profession is positively obsessed with Death. This is why economic activities are relegated to separate legal entities. The founders of a company are mortals ? the company itself, immortal...
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This is why economic activities are relegated to separate legal entities. The founders of a company are mortals ? the company itself, immortal. This is why the concepts of last wish, legal testament, estate and inheritance are so strong: they survive the person, they have an existence all their own. Economic theories, on the other hand, generally assume that humans are immortal and that their economic activities and legal entities which embody them have an infinite horizon...
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