My memory is that Veblen comes very close to the concept in Chaps 5 and 6  
of THE THEORY OF BUSINESS ENTERPRISE (1904) and in his two essays on  
CAPITAL although I also  think that I remember that he didn't quite.   
Does anyone (Malcolm?, Larry?) know.  I will check on this sometime in the  
next few days.   
 
Anne Mayhew 
1101 McClung Tower 
University of Tennessee 
Knoxville, TN 37996-0411 
PH: 615-974-1689; FAX: 615-974-3915; E-MAIL: [log in to unmask] 
 
On Wed, 31 May 1995, William M. Wiecek wrote: 
 
> I have a query for economic historians.  Please post any replies to  
> my email address below. 
> Approximately when did the concept of discounting future income  
> streams to arrive at present value become a commonplace among  
> economists?  I am particularly interested in identifying the time,  
> within a decade, when lawyers might begin picking up the concept from  
> economists.  The earliest pertinent reference I have found is in John  
> R. Commons, The Legal Foundations of Capitalism (1924), but I suspect  
> that the idea is older than that, and that a sophisticated lawyer  
> like Louis D. Brandeis could have been thinking in those terms before  
> World War I.  Any comments?  I thank youi in advance for your  
> trouble. 
> William M. Wiecek 
> Syracuse University College of Law 
> [log in to unmask] 
> (315) 443-4108 
> FAX: (315) 443-5394 
>