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Some Aspects of the Pure Theory of Capital

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  • Paul A. Samuelson

Abstract

Definition of an investment account, 469. — Relationships between capitalized value, depreciation, and income holding at all times under any rate of discount, 470. — Necessary equality between capital invested and value of investment account derived by capitalization, 474.— Definition and derivation of internal rate of interest; its relation to market rate, 475. — Identification under ideal conditions of market value of investment account with capitalized value, 477.— Problem of optimum determination of variables; maximization of internal rate vs. maximization of present value of assets, 478.— Demonstration that all principles remain invariant under a varying interest rate, 483.— Mathematical appendix I, 488,— Mathematical appendix II, 492.

Suggested Citation

  • Paul A. Samuelson, 1937. "Some Aspects of the Pure Theory of Capital," The Quarterly Journal of Economics, Oxford University Press, vol. 51(3), pages 469-496.
  • Handle: RePEc:oup:qjecon:v:51:y:1937:i:3:p:469-496.
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    1. Weiland, Brandon & Sesmero, Juan Pablo & Preckel, Paul & Wetzstein, Michael E., 2017. "Can Wood Pellets Save Coal?," 2017 Annual Meeting, July 30-August 1, Chicago, Illinois 258250, Agricultural and Applied Economics Association.
    2. Robert D. Cairns, 2013. "The fundamental problem of accounting," Canadian Journal of Economics/Revue canadienne d'économique, John Wiley & Sons, vol. 46(2), pages 634-655, May.
    3. Weber, Thomas A., 2014. "On the (non-)equivalence of IRR and NPV," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 25-39.
    4. Sonin, Isaac M. & Whitmeyer, Mark, 2020. "Some nontrivial properties of a formula for compound interest," Finance Research Letters, Elsevier, vol. 33(C).
    5. Tiago Cardao-Pito, 2017. "Classes in Maximizing Shareholders’ Wealth: Irving Fisher’s Theory of the Economic Organization in Corporate Financial Economics Textbooks," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 11(4), December.
    6. Mária Illés, 2020. "The Positive Net Present Value of Loss-making Projects: Economic Content of the Two Internal Rates of Return," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 16(02), pages 41-50.
    7. Penyalver, Domingo & Turró, Mateu & Zavala-Rojas, Diana, 2018. "Intergenerational perception of the utility of major transport projects," Research in Transportation Economics, Elsevier, vol. 70(C), pages 97-111.
    8. Isaac M. Sonin & Mark Whitmeyer, 2018. "Some Nontrivial Properties of a Formula for Compound Interest," Papers 1809.10566, arXiv.org.
    9. Magni, Carlo Alberto, 2016. "Capital depreciation and the underdetermination of rate of return: A unifying perspective," Journal of Mathematical Economics, Elsevier, vol. 67(C), pages 54-79.
    10. Vincent Carret, 2021. "Rupture and continuity in the original divide between micro-dynamics and macro-dynamics," Working Papers halshs-03242180, HAL.
    11. Akshay Shanker & Sacha Vidler, 2014. "Offsets to compulsory superannuation: do people consciously choose their level of retirement saving?," CAMA Working Papers 2014-65, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    12. Quaas, Martin F. & Froese, Rainer & Herwartz, Helmut & Requate, Till & Schmidt, Jörn O. & Voss, Rüdiger, 2012. "Fishing industry borrows from natural capital at high shadow interest rates," Ecological Economics, Elsevier, vol. 82(C), pages 45-52.
    13. Unknown, 1998. "References/Literature Cited," Commodity Costs and Returns Estimation Handbook,, Iowa State University.
    14. Cairns, Robert D., 2018. "Economic Accounting in the Simple Hotelling Model," Resource and Energy Economics, Elsevier, vol. 51(C), pages 18-27.
    15. M. Keith Chen, 2011. "The Effect of Language on Economic Behavior: Evidence from Savings Rates, Health Behaviors, and Retirement Assets," Cowles Foundation Discussion Papers 1820, Cowles Foundation for Research in Economics, Yale University, revised Dec 2012.
    16. McClelland John & Rust John, 2018. "Strategic Timing of Investment over the Business Cycle: Machine Replacement in the US Rental Industry," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 238(3-4), pages 295-351, July.
    17. Stutzman, Sarah & Weiland, Brandon & Preckel, Paul & Wetzstein, Michael, 2017. "Optimal replacement policies for an uncertain rejuvenated asset," International Journal of Production Economics, Elsevier, vol. 185(C), pages 21-33.

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