Rodney's lengthy post is not responsive to the question: How do you--Rodney--define earnings?
He uses the word twenty-three times in a post that prints to ten pages, but does not once define it.
Inasmuch as the "full dividend payout of earnings" is a critical element of their scheme, and since there are several possible definitions, it would seem it is impossible to understand what they are saying without having their specific definition.
William,
I wonder if the definition of earnings are the real issue in full payout. For however one defines it, companies DO define it in some way, and allocate a portion to dividends and a portion to retained earnings. Hence, while there are certainly issues about how to define it, they are only indirectly issues that concern full payout. The issues you raise in connection with the definition are valid, but may not be directly related.
John C. M�daille
"A dead thing can go with the stream...
but only a living thing can go against it."
-G. K. Chesterton
http://www.medaille.com/distributivism.htm
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