The absorption of a modulated light beam in which the state of the polariza
tion is continuously variable is discussed. It is now possible to measure t
he average time-dependent profile for the polarization cycle of such a beam
, and corresponding theoretical descriptions are needed in order to extract
the information contained in it. This work generates such a description. B
ased on a semiclassical treatment of light/matter interactions, a three-par
ameter fit function is derived that permits the simultaneous extraction of
absorbance, linear dichroism, and circular dischroism from the profile for
various types of uniformly oriented, partially oriented, and isotropic mate
rials and combinations of them. The theoretical expressions are used to ana
lyze data for (+)-3-methylcyclopentanone, the results being (1) an increase
of the S/N ratio, (2) the simultaneous generation of absorption and dichro
ism spectra of identical quality, and (3) a description of window adsorbate
s of the cyclopentanone material. The Jones parameters for the macroscopic
description of polarized light interactions with matter are reformulated at
the microscopic (i.e., transition moment) level, and an alternative deriva
tion of the Jones matrix is given.