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Thanks for this reply: what I think I get from it is that we are reading
Fred in different ways -- you seeing him as a thorough-going simultaneist,
whereas I tend to see him as *almost* having a TSS-type position.
To the extent that Fred *is* a simultaneist, then I think your points in
#3755 follow, except that I'm not sure I see the significance of your final
point about different estimates of physical life.
Obviously this will lead to different depreciation charges -- but isn't this
just a practical problem within any theoretical framework (and not in fact a
very big one for a wide range of asset types)?
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