The nature of capital and income

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Monograph

Identifikator:: 102659555X

URN:: urn:nbn:de:zbw-retromon-82920

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The nature of capital and income

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1923

Scope:: XXI, 427 Seiten

Digitisation:: 2019

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Income

Collection:: Economics Books

Sec. 8] INCOME ’ 117 also harmonizes with what Professor Marshall * calls the “usance” of wealth, and with the psychological concepts of income in President Hadley’s Economics,” in Professor Flux’s Economic Principles? and in Professor Fetter’s Principles of Economics.* Finally, it harmonizes more closely than at first glance might be supposed, with the etymological and popular meaning of income. In- come from any source is what comes in from that source. The income from any capital is what that capital brings in to its owner, no matter what may be the form of benefit brought in. If the capital serves to bring in money, the income is “money-income.” If it serves to bring in crops or products, as does a self-supporting farm, the income is of another form. If it serves to bring in enjoyable com- forts, as does a dwelling house, the income is of a still different form. But in all cases, the essential fact is that the capital performs service, — accomplishes something desired. As this usage makes income include all money-income, it cannot be maintained that it conflicts with commercial usage. It may be objected by the unreflecting that by including non-monetary elements it includes too much; but many — often all — of the non-monetary benefits con- ferred by capital are recognized as income by economists, as well as by such men of affairs as have studied the subject with care. A business man who had bought a yacht remarked: “It’s a good investment, and I get my dividends every Saturday afternoon when I take a sail in it.” And the writer has never had any difficulty in per- suading other business men of the propriety of such usage. In fact, without an enjoyable use in prospect, money-ncome itself would have no existence or meaning. A house could t See Principles of Economics, 3d ed. (Macmillan), Vol. I, p. 156. A part of this passage is quoted in Appendix to Chap. VII. See also Carver's Distribution of Wealth (New York, Macmillan, 1904), p. 123. 2 Chap. I. :p. 17. * pp. 43, 571.

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