INDEX 
Savings, to be counted as capital, not 
income, 108, 134-135, 247-253, 
254-255, 328, 349, 353. 
Sawmill, income account for, 152- 
155, 157, 318-320. 
Say, J. B., human beings counted 
as wealth by, 5 n.2; use of term 
‘“capital’’ by, 60. 
Schiffie, A. E. F., treatment of 
capital by, 54. 
Schmoller, Gustav, on income, 352 
353. 
Seager, H. R., definition of income 
by, 349. 
Seligman, cited on utility, 47; use 
of term ‘“capital’’ by, 60 n.7. 
“Selling short,” 298-300. 
Senior, N. W., quoted on definition 
of capital, 53; capital itself 
regarded as a product by, 55; 
on capital as a producer of 
wealth, 56. 
Services, definition of, 19, 324, 336; 
measurement of, 19-20, 120- 
121; complete and partial 
rights to, 36-37 ; to be separated 
from wealth, property, certifi- 
cates of property, and utility, 
38; income conceived as flow 
of, 51-52, 101, 116-118, 324; 
commodities wrongly combined 
with, in concept of income, 105 
106; necessity of avoiding con- 
fusion of anything else with, in 
income-concept, 106-107; in- 
finite variety of, 119; one phase 
of, and disservices termed “in- 
teractions,” 144; transforma- 
tions of wealth as, 146; method 
of couples applied to, 152-156; 
enjoyable objective (‘“‘consump- 
tion’’), 164, 165, 336; stage of 
final objective, 165; subjective, 
166; classification of, 178-179. 
Short-time loans, 194-195, 198-199, 
204. 
Simmonds, P. L., 
capital by, 62. 
Single taxation, 253-254. 
Sinking fund, 243-244, 333. 
Smart, William, use of term ‘““capi- 
tal’’ by, 60 n.”; definition of 
definition of 
income by, 348-349. 
Smith, Adam, on capital, 53, 54, 
425 
Social income, the concept of, as “net 
product’’ of society, 113-115; 
author’s concept of, 114, 118, 
141, +333; distinction between 
individual income and, 115-116. 
Space-units for measuring wealth, 
8-9. 
Speculation, in real estate, 222, 230; 
benefits and evils of, 295-298. 
Speculators, use of land deferred 
by, 222; position of, considered, 
230; risk-meeting function of, 
288, 290, 295; in futures, 298- 
300. 
Sprague, C. E., cited on meaning of 
term “capital,” 63 n. 
Standard deviation, measurement of 
extent of variability by, 406- 
410. 
Standard income, 110, 234, 333; 
vs. realized, 234-236, 247-253, 
327-328, 353. 
Stock, economic use of term, 51, 
336; chance element in valuing 
(in commercial sense), 280-283. 
Stock companies, capital accounts 
of, 68-70; two valuations in, 
70-72. 
Stockholders, liability of, in joint 
stock companies and in national 
banks, 82-83; preferred, 85; 
bondholders and, contrasted, 
85, 288-289; position of, in 
case of bankruptcy, 85-86; 
risk-taking function of, 288-289. 
Stock jobbing, 74-77. 
Stock of wealth, concept of capital 
as a, 51-52, 323-324. 
Stocks, contrasted with bonds, 85, 
288-289; effect of chance on, 
276-277. 
Stock-watering, 79-80. 
Stream of wealth, concept of income 
as a, 51-52, 323-324. 
Subjective income, definition of, 
168, 326 ; points of divergence of, 
from objective income, 169- 
176. See Psychic income. 
Surplus, 68, 256-257. 
T 
Taussig, F. W., 318; definition of 
income by, 349. 
  
56, 58, 61; on rent and income, 
150. 
  
Taxation: double, 39, 253, 255; 
methods of avoiding double,