Elliott waves and Cambridge

christian11 at mindspring.com christian11 at mindspring.com
Mon Sep 9 11:16:46 PDT 2002



> Because it's the only effective lever of
macroeconomic control that we have, given the Congress's... limited... ability to conduct discretionary fiscal policy in a timely fashion...

To get back to one of your original posts, though, you said that you'd have to have a really weird cash flow to justify reswitching. And yet, it isn't all that hard, is it, to imagine a project that will have three different internal rates of return, between which NPV could be positive or negative. Doesn't this suggest that reswitching would be a whole lot more "realistic" than a smooth downward sloping demand curve and a single equilibrium price for capital?

Christian



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