Profit and Loss - What is reasonable?

A real Dorothy Dix title has been selec- ted for this paper. It has the advantage, however, of being capable of being interpreted in many different ways and hence I can select my own approach. You probably are thinking that this topic would be more appropriately handled by an Accountant. I wish to make it clear at the outset that I am not skilled in the sometimes mysterious ways of Accountants - likewise that profession frequently has difficulty in pinning down economists. We have our own strange ideas about profits, marginal efficiencies, cost/benefit analysis etc. What follows is in the main a mixture of two disciplines, probably in a form that few of the purists from either side would accept. Nor do I expect the reader to accept my own prejudices. The paper is designed to stimulate thought and discussion'on the subject. Emotive words such as "profit" and "loss" make for wide differences of opinion. At the time of writing there is a surprising degree of acceptance of the viewpoint that profits in Australia are too low and one is tempted to make this point of near agreement a starting Point.