The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Present Value of the Past

  • Charles WolfJr.
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_1777

Abstract

One of the seminal ideas in economics is that future events have a present value, which is calculable through a private or social rate of discount. Nevertheless, present valuation is not of much help for solving some problems, and can lead to erroneous results in others. For these problems, it is as important to have a method for evaluating the past as the future.

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Bibliography

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  3. Wolf Jr., C. 1970. The present value of the past. Journal of Political Economy 78(4): 783–792.CrossRefGoogle Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Charles WolfJr.
    • 1
  1. 1.