Full Price Equation
The simple Price equation was based on the assumption that the characters zi do not change over one generation. If it is assumed that they do change, with zi being the value of the character in the child population, then the full Price equation must be used. A change in character can come about in a number of ways. The following two examples illustrate two such possibilities, each of which introduces new insight into the Price equation.
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Famous quotes containing the words full, price and/or equation:
“The remarkable thing is that it is the crowded life that is most easily remembered. A life full of turns, achievements, disappointments, surprises, and crises is a life full of landmarks. The empty life has even its few details blurred, and cannot be remembered with certainty.”
—Eric Hoffer (1902–1983)
“The car as we know it is on the way out. To a large extent, I deplore its passing, for as a basically old- fashioned machine, it enshrines a basically old-fashioned idea: freedom. In terms of pollution, noise and human life, the price of that freedom may be high, but perhaps the car, by the very muddle and confusion it causes, may be holding back the remorseless spread of the regimented, electronic society.”
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“A nation fights well in proportion to the amount of men and materials it has. And the other equation is that the individual soldier in that army is a more effective soldier the poorer his standard of living has been in the past.”
—Norman Mailer (b. 1923)