----------------- HES POSTING ----------------- 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 ------------ FOOTER TO HES POSTING ------------ For information, send the message "info HES" to [log in to unmask]