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

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Document type:: Monograph

Structure type:: Chapter

Title:: Part II. Income

Collection:: Economics Books

CHAPTER IX INCOME SUMMATION §1 WE have now seen how to reckon the income of either a real or a fictitious person. By combining the net incomes of all persons, the net income of society may be obtained. As we have seen, fictitious persons have no net income, and would therefore not affect such a method of summation. Another way to obtain the total social income is by adding together the net incomes from each individual article of concrete capital, regardless of its ownership. In such a summation no partial property-rights, such as stocks and bonds, would appear. Instead we would only find actual railways, mills, refineries, and other concrete capital. For instance, the net income earned by the Southern Pacific Railroad, considered as an aggregate of roadbed, termi- nals, rolling stock, and other existing instruments, would be taken. This would not be the income of the Southern Pacific Railroad Company, for, as we have seen, the com- pany, as such, has no net income. Nor would it be the income of the stockholders of the company, for this con- stitutes only a part of the earnings of the road. Nor would it be exactly the sum of the incomes of the stock- holders and bondholders, inasmuch as the company may earn income from other sources than the railroad itself, as, for instance, through leases of other roads and shares held In other companies, none of which income is produced by the railway. It would be simply the difference between the total value of the services of transportation rendered 141

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