The nature of capital and income

Bibliographic data

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

156 NATURE OF CAPITAL AND INCOME [Crar. IX tion, it would be necessary to include still other accounts. If we should follow up all such leads we should soon have an intricate network of related accounts. But the same prin- ciple of the interaction as a self-effacing element would apply. The only items of outgo which are not the negative sides of interactions will be the items of subjective labor and trouble. These alone will finally remain as uncanceled elements of outgo. §7 ; The table given will throw light on the question, Of what does income consist? The question is not a thoroughly definite one. If we ask instead, Of what does the income from a particular group of capital consist? we shall make it definite. Whether the production of logs is income or not depends upon the point of view. It is income from the first link of capital (logging camp) in our series; it is not income from the first two links combined, for in the second link it occurs as outgo. Likewise, the use of the ware- house is true income with respect to the first four links or groups of capital, but is no longer income when the fifth is included. We see, therefore, that the income from any group of capital does not consist in any degree of the interactions taking place within it, but only of the final or outer fringe of services performed by the group. As the group is en- larged, this particular outer fringe disappears by being joined to the next part of the economic fabric, and another fringe, still more remote, appears. The question naturally arises, When is the economic fabric complete, and has it any final outer fringe? But this question must be deferred for the present. Nor do we yet inquire what relations exist between the two sides of the same account, say the expense to the saw- mill for logs and its income from sawn lumber. In the illus- trative tables the latter is entered as greater than the eee

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