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

Sec. 4] PSYCHIC INCOME 169 Nor is it necessary to take sides in the controversies re- garding the relations between mind and body. We are not concerned with cause and effect, but with means and end, and, whatever may be the causation of mental states, the human body is certainly the means by which the good from external wealth is finally communicated to the con- sciousness of the owner. §4 The two kinds of final income, the physical and the psychical, or the objective and subjective, are both legiti- mate in their proper spheres. Usually the physical and psychical income are equal to each other in value. A loaf of bread which yields ten cents’ worth of services presumably gives ten cents’ worth of immediate satisfaction. When one enjoys a musical concert worth one dollar, it does not matter whether we say that the services of the musicians in pro- ducing vibrations are worth one dollar, or the enjoyment which these vibrations occasion in the mind is worth this sum. When rent is paid for a house, this is generally taken to measure also the subjective comfort obtained through it. : Nevertheless, there are several points at which the valua- tions of subjective and objective income are different, and three of these are sufficiently important to emphasize. The first case is that in which the transformation within the body takes a long time. Here the two species of in- come do not correspond. For instance, the instruction received by an apprentice in preparation for his trade is a service rendered to him in the training of his body in manual dexterity, in order that, a few years later, this manual dexterity may increase his income-earning power. Ap- but pain,’ she continually said in her letters, “makes my life support- able.’” Bougand, Hist. de la bienheureuse Marguerite Marie, Paris, 1894, pp. 171, 265. Cf. also pp. 386, 387. Quoted from William James, Varieties of Religious Experience, 1902, p. 310.

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