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

164 NATURE OF CAPITAL AND INCOME [Cumar. IX clothes, jewelry, etc. — constitute a kind of income which does not appear elsewhere as outgo. § 11 We found, when studying the accounts of instruments, the chain of productive services of the lumber camp, etc., that there always remains some outer fringe of uncanceled in- come produced by the capitalistic machine. We have now reached this same kind of outer fringe in studying the accounts of persons, provided they are real persons. This outer fringe consists of what economists have usually called “consumption.” All other services are merely preparatory to such services, and pass themselves on from one category of capital to another. Thus the income from investments, being deposited in bank, is outgo with respect to the bank account; the bank account yields income by paying for stocks and bonds, food, ete., but in each case the same item enters as -outgo with respect to these or other cate- gories of capital. In all these cases the individual receives no income which is not at the same time outgo. It is only as he consumes the food, wears the clothes, or uses the furniture that he receives income. The question still remains whether the fringe we have reached is the final outer fringe, or whether we must not proceed one step further and regard the final services just mentioned as merely interactions between a man’s external wealth and his own body. This question will be discussed in the following chapter. We are content here to leave the chains of services at the point where they reach the person of the recipient.

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