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

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Introduction. Fundamental concepts

Collection:: Economics Books

a iL STI 10 NATURE OF CAPITAL AND INCOME [Crae. I and this may be done in dollars and cents, pounds and shil- lings, francs and centimes, and so forth. This is also a spe- cies of physical measurement, but involves the principle of exchange. S0 much mystery has surrounded the term ¢«yalue”’ that we cannot be too careful to obtain correct and simple ideas on the subject. In the explanation which follows, the concept of value is made to depend on that of price; that of price in turn on exchange; and finally, that of exchange on transfer. An article of wealth is said to be transferred when it changes owners. It is to be observed that such a change does not necessarily imply any change of place. Ordinarily, the transfer of an article involves change in its posi- tion. The purchase of tea or sugar is accompanied by the delivery of these articles across the counter from dealer to customer. But in many cases such a change of position does not occur, and in the case of real estate it is even im- possible. This distinction between change of ownership and change of position is not always borne in mind. It is sometimes said, for instance, that exports and imports must balance in a certain manner. But if by “exports” we mean articles that are sent out of the country, and by “imports” those which come into it, the proposition will not hold true. When, some years ago, Englishmen were buying American breweries, these articles, of course, were not exported, though they were transferred to foreign ownership. Transfers may be voluntary or involuntary. Examples of involuntary transfers of wealth are transfers effected either (1) through force and fraud of individuals, as in rob- bery, burglary, embezzlement, ete.; or (2) through force of government, as in taxes, court fines, ete. But at present we have to do with voluntary transfers. Voluntary transfers are of two kinds: (1) one-sided trans- fers, i.e. gifts and bequests; and (2) reciprocal transfers or ez- changes, which are the most important for economic science.

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