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 >