extracted text

J . TINBERGKH
\
^A,H
>

THE HAGUE,30 November 195^»Raainweg I 0
Professor William Pellner,
Yale University
Hew Haven (Conn.) USA

Dear Professor 5'ellner,

/
/ perioQ

Thank you for yours of October 25 and your
interest shown in my paper. I apologize for the
delay in my ansv/er| I have been absent for several
weeks.
What I have in mind ia tl.e follovidng, No
nevr enterprise or new project onlj' constitutes
an investment of capital, 5'3:'om the nation*s point
of view it a]ways means an investment of several
factors of production in combination. It is the
total value of this combination which should be
considered for the investment made, since this
combination is under the nation's command and
could be applied in an alternative way. The calculation of the value covtld be done with the help
of accounting prices once more. You may reply
that capital outlay also implies an aonount of
wages. Thase are, however, only the wages in the
gestation-i In the calculation I propose also wages
in the operation period would be included.
I sent some examples to Professor Polak
of which I sent .you a copy under separate cover.
May be they induce you to snake some further
comments which I would liighly appreciate.
Yours v(^v- simjerely.

4J^g^ ISCÖBdTC

'« ( 1
ï^no-vrr/rT

t

^imi.lle'i
'-

iov;<l
'•=-Y

o) nö"

-ï

.„ i w' .

n

w

tisfïXXe'ï loaaeloT-j xseü
•ï
• *'

^ ~ .

l£
.. - 4

« ï-

•>.,-• ^^>• :

9Ö L

alri

00

:.il.-..

0 9A&
:£BX.

„

-ir..-

..*'-.-

3 "'jnsv e

f.