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 III. Capital and income

Collection:: Economics Books

220 NATURE OF CAPITAL AND INCOME [Cmar. XIII is exactly equal to the discounted value of the succeeding income, it is evident that the value immediately before its purchase must be exactly zero. Thus in Figure 6 let OM be the purchase price, and equal to OA, which is the capital- value immediately after purchase. The capital-value immediately before purchase is, therefore, zero, and the entire capital curve is the line OABCDEFH, which starts B M Fic. 6. at zero and ends at zero, but is above the zero line at all intermediate intervals. This represents the normal his- tory of any capital instrument if bought at a “ fair price.” If the flow of income is continuous, we may obtain the capital-value approximately by dividing the continuous

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