[OPE-L:1636] Re: Temporality vs simultaneity

akliman@acl.nyit.edu (akliman@acl.nyit.edu)
Fri, 29 Mar 1996 14:23:13 -0800

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a reply to Chai-on (ope-l 1541),

I don't disagree that a profit rate calculated on "replacement costs"
has *some* meaning. For instance, accountants evidently use it as
a way of correcting the actual historical rate downward, due to its
inflationary bias.

But I think that investment decisions are made on the basis of present
costs (and future costs, when relevant) and expected *future* returns.

Andrew Kliman