Goodwill: Not a Present Property Right

This is a small article in a Dutch finance and accounting journal that makes a big point. Conventional capital theory computes the discounted present value of a capital asset or a corporation as if it through out the future made the contracts so that it would always be the residual claimant in the production process using its assets. But it has no such property rights to all future contracts, so this “goodwill” is not the value of a present property right.

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