No Free Lunch: Economics for a Fallen World: Third Edition, Revised

Chapter Sixteen: Valuing the Future - Concepts in Capital & Finance 418 ENDNOTES 1. Author’s note: I will use bonds to describe debt of any length to maturity, yet there are different names for different debt instruments. For government debt, anything less than one year is called a “bill,” while 1-7 years maturity are called “notes.” Anything longer than seven years is called a “bond.” Short-term (90 days) debt funding for large corporations is called “commercial paper,” and often trades at only slightly higher interest rates than U.S. Treasury bills. But we’ll just use “bond” to describe any debt instrument. 2. [Photograph of Paul Samuelson]. (1997). Retrieved Jan. 27, 2014, from http://