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Great summary provided by Avi Cohen. 
 
Was Boulding setting forth the concept of internal rate of return (IRR)  
in the excerpt below -- i.e., was it his concept -- or simply utilizing it in  
explaining his model?   
 
>In the second, Boulding (1935), extends the profit-maximizing  
>condition of marginal revenue equals marginal cost to incorporate the  
>element of time as an explicit variable of the problem. Assuming  
>perfect foresight, Boulding examines the complete history (revenues,  
>costs, net revenues) of a single investment, from the day of its  
>inception to the day of its final liquidation. Given a physical  
>production function which includes the period of production as a  
>variable, the investor maximizes the internal rate of return over the life  
>of the investment by choosing the optimal rates of input and period of  
>production. The maximum rate of return is the rate of interest which  
>makes, at any date, the present values of revenues (outputs) equal to  
>the present value of costs (inputs).    
 
Scott Cullen 
 
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