Abstract
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 that 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.
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