Andrew wrote that with proper foreknowledge, c can be calculated. He
is, of course, right. But rational foreknowledge is not available.
Capital experiences sudden revaluations, both positive and negative.
Thus one can use an accounting *convention* to measure the transfer of
value, but these conventions are very inexact. In this sense, I say
that we cannot measure the c.
-- Michael Perelman Economics Department California State University Chico, CA 95929Tel. 916-898-5321 E-Mail michael@ecst.csuchico.edu