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:: Introduction. Fundamental concepts

Collection:: Economics Books

i 6 NATURE OF CAPITAL AND INCOME [Crar. I us to separate into arbitrary classes those persons who are intermediate between freemen and slaves, such as vassals, indentured servants, long-time apprentices, and negroes held in peonage. A man bound out to service for thirty years is almost indistinguishable from a slave, and if the term of service be long enough and the control absolute enough, the distinction becomes a distinction without a difference. On the other hand, the shorter the term of service, the nearer does his condition approach freedom. As a matter of fact, most workers in modern society are “hired,” 1.e. bound by contract to some extent and for some period of time, even though it be for no more than an hour, and to that extent are not free. In short, there are many degrees of freedom and many degrees of slavery, with no fixed line of demarcation. Two concepts have been defined which may be des- ignated as “wealth in its more general sense’” and “wealth in its more restricted sense.” There need be no confusion between them. Ordinarily, when the simple term “ wealth’ is used, the former concept will be understood, and any propositions which hold true of this broader concept will necessarily apply also to the narrower one. If we have oc- casion at any time to refer to the latter exclusively, we may always make use of the full phrase, “wealth in its more restricted sense.” There are many admissible ways of classifying wealth, one being more or less desirable than another ac- cording to the purpose for which it is intended. The scheme on page 7 is not based on any one logical ecri- terion, but is intended merely to give the principal groups into which wealth, as it actually exists, naturally falls. It scarcely needs to be stated that the various classes are not always absolutely distinct. Like all classes of concrete things, they merge imperceptibly from one into another. For this reason the classification is of little importance STR

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