[PEN-L:2916] Re: Bounced from Anwar Shaikh

[Rosser Jr, John Barkley]

Henry,
     Every present value formula actually goes to infinity, 
although often the entries are zeroes after some finite 
point in time.  However, I would remind that in the heyday 
of pompous capitalism in Victorian England, they used to 
issue infinitely lived consols.
Barkley Rosser
On Fri, 05 Feb 1999 12:07:17 -0800 "Henry C.K. Liu" 
<[EMAIL PROTECTED]> wrote:

> "Perelman, Michael" wrote:
> From: "Anwar Shaikh" <[EMAIL PROTECTED]>
> 
> > Part of my work has involved showing that a secular fall in the rate
> > of profit provides a theoretical foundation for long waves.
> 
> >
> > In the US, the mass of profit began a strong persistent upward
> > trend in the early 1980's, and has been trending upward steadily
> > since. For this reason, I trace the turnaround point in the US to the
> > mid-1980's. There another also other quite remarkably consistent
> > measure of long waves which I have been able to extend back
> > about 200 years in the US and the UK, and it too pointed in much
> > the same direction. Mary Malloy, at Iona College, is another person
> > who has worked on linking long waves to profits, and has taken her
> > data back almost 150 years.
> 
> Profit is only an accounting concept.  I am unaware of any financial contract
> that exceeds 100 years, most are 30 years with one adjustable renewable
> term.  In fact, any leasehold exceeding 99 years is legally a sale.  I cannot
> conceive a present value formula that covers 200 years.
> I must be missing some basic insight.
> 
> Henry C.K. Liu
> 
> 

-- 
Rosser Jr, John Barkley
[EMAIL PROTECTED]