http://www.geocities.com/double_circuit/braun-fischer
Robert, a follow-up to your earlier post today.
-->Non genius found out the double entries. Long before
Pacioli, double entries were very well known to
everybody in business, from normal daily experiences,
which leave (or left also in these ancient times) a
*double* *impression* *to* *a* *single* *business man*.
Like:
o I pay a bill to my supplier:
a) I have 'x' less in the cash register
*and*
b) I have one bill (amount'x') less
to pay in my debt register.
o Or: I gave X a cash credit:
a) I have less in the cash register
*and*
b) I have more in my Credit-register.<--
--
This has nothing to do with double entry. These are
simple single entry tabulations: What I owe. What I
am owed. What I have, etc.
-----
What happened by the way to the Foggers? Please
describe the system they used.
-----
-->This hasn't changed until today: Hence, the endless
discussions of IASC- and US-GAAP-experts. But the
mainstream economists in their ivory towers have found
a 'practical solution': They are singing the song of
profit maximizing agents, without knowing and without
explaining what profit/loss in markets mean.<--
--
This particular observation of yours intrigues me. What
you are really criticizing is marginalist theory as
applied by economists. Economists in their curriculum do
not learn accounting or anything about why it works. (And
accountants in their curriculum do not learn the underlying
theory behind accounting. They merely learn to become
practitioners of the technique.)
The problem is not accounting as accounting is practiced per
se--Robert please take note of this--but economists haven't
the foggiest notion how accounting is practiced or the
reason why it works and how it has contributed to the
development of Western civilization.
The economists therefore invent quasi-accounting systems for
their theoretical discussions. Witness Keynes's "user cost"
for example. So their conclusions are way off base.
They do not in fact know what profit is.
But you yourself have a lot of homework to do.
Bill
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