----------------- HES POSTING ----------------- I thought that Hotelling's Rule originated in his "The Economics of Exhaustible Resources" (JPE 1931), not "A General Mathematical Theory of Depreciation" (JASA 1925). Was it already in his 1925 article (which I have never read)? Robert Dimand ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]