Duncan K. Foley wrote:
>
> 2) The instability of depreciation practices before the introduction of the
> corporate income tax (which makes depreciation a critical determinant of
> the tax bill, and hence of after-tax profit) underlines the point that
> capitalists are basically interested in cash flow over the life of an
> investment.
Yes, they are interested, but do not have a clue as to what it will be.
-- Michael Perelman Economics Department California State University Chico, CA 95929 Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu