By K.D. Patterson, K. Schott
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Extra resources for The Measurement of Capital: Theory and Practice
Total profits payable will be constant over time being r per cent of the ftxed issued capital. VALUATION OF BALANCE SHEET ASSETS Formula (vii) gives also the clue to the proper valuation of balance sheet assets. Before turning to this however it is convenient to consider for a moment the relation between (vii) and various formulae for capital devised by economists interested in the theory of investment. Consider the average value around which CT fluctuates. We observe first that CT is in fact the sum of a series of expressions, one for each input, all of which fluctuate indefinitely.
Parks, R. W. (1977), 'Determinants of Scrapping Rates for Post War Vintage Automobiles', Econometrica, vol. 45. Redfern, P. (1955), 'Net Investment in Fixed Assets in the United Kingdom', Journal of the Royal Statistical Society, series A, vol. 118. Reid, D. J. ( 1976), Statistical News, November (London: HMSO). Revell, J. ( 1967), The Wealth of the Nation (Cambridge University Press). Robinson, Joan (1953-54), 'The Production Function and the Theory of Capital'. Review of Economic Studies, vol.
We have in fact established the interesting conclusion that the formula for the value of capital derived from the analysis of simple cases where a finite number of inputs and outputs can be directly linked turns out to be the mean of the more general formula which hold when inputs and outputs cannot be linked. Again we notice that (viii) cannot help the accountant. For if C is always constant as given by (viii) then the depreciation fund is always zero (or constant) and hence no problem of revaluation of assets can ever arise.