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Nineteenth Century Accounting Error

Richard P. Brief

Only fleeting attention has been given to the possibility of persistent error or bias in the calculations on which investment, output, and/or pricing decisions were based in the nineteenth century. This is an indirect tribute to the influence of Max Weber and other rationalists who stressed the concept of a rational capitalistic establishment employs capital accounting, that is, an establishment which determines its income yielding power by calculation according to methods of modern bookkeeping and the striking of a balance. 1 Schumpeter's views are even more exalting.

DOI

10.4324/9781315886398-26

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