Normal profits, etc.
Source Michael Perelman Date 99/09/02/21:04
Ajit, I am very busy and do not want to keep repeating. Here it is simply:
1. Many parts of the economy have a value without a price.
2. When the need arises, some agent, a bank lending officer can put a price on them.
3. Such prices are not objective measures, but the subjective measure by someone.
4. I do not think that a collection of such subjective measures and potential subjective measures constitute a
realistic basis for calculating profit rates.
I am dropping this matter now.
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Copyright (c) 1998, Joongpil Cho