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Furthering the thread, it is interesting that 60 years ago these IRR  
models emerged (with precursors elsewhere apparently) to DESCRIBE  
an economic system.  They were probably quite arcane and laborious  
to implement except in large corporations or government.  Whether  
such principles were intuitively considered by entrepeneurs and  
consumers might have been questionable.  Today, they may well  
DRIVE most economic activity - in the industrialized world - with  
MBA's steeped in PV theory and every individual investor equipped  
with an HP-12C or PC spreadsheet able to summon up IRR at a  
keystroke.    
 
Scott Cullen 
 
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