In a recent article in this Review, Robert Mendelsohn attempted to clarify David Bradford's misunderstanding regarding optimal fraction of capital (Sk) that is consumed and fraction of income that is (Sy). One of the criteria suggested for selecting a public projects is the present value of the future consumption income from the investment, as stated by Mendelsohn: present value of dollar of investment is worth even more if future returns from that investment are reinvested (p. 240). The social present value of dollar of private investment, V, varies considerably with the parameters, the market rate of interest, r, the social rate of time preference, i, and the rate of reinvestment, Sy. However, the impact of S on the present value, V, and its role in the selection process is not clear. The variable Sy is rather ambiguous and the optimum value, in general, for S is either zero or one. The formula mentioned at the bottom of Mendelsohn's Table 1 (p. 240) should read: