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

FRR 14 NATURE OF CAPITAL AND INCOME [CHae. I or “subjective value’). It seems preferable to conform our definitions of value and price as closely as possible to business usage, which instinctively and consistently applies the term “ price’’ to the unit and “value” to the aggregate. §7 The distinction between quantity, price, and value of wealth may be seen clearly in any “inventory,” such as the following : — Soin PRICE IN VALUE IN QUANTITY WHEAT WHEAT Shoes... os 0 1000:pair 41 bu. per pair 4,250 bu. Baal. oo oi, oad 300bs, bu. per lb. 60 bu. Dwelling House . . . | 1house | 10,000 bu. per house | 10,000 bu. Wheat... = 4 100 bu. 1 bu. per bu. 100 bu. 14,410 bu. In the first column are recorded various quantities of wealth, measured each in its own special unit ; in the sec- ond column are the prices of these in wheat; while in the last column are their values, also in terms of wheat. The first and last columns represent two different modes of meas- uring wealth. Statistics of wealth, such as those published monthly by the Department of Commerce, usually give both “quantities” and “values.” To translate from one to the other we need always a price as go-between. It is important not to confuse the three columns with each other. The quantity of beef is a totally different thing from its value, and each of these is different from its price. The quantity is measured in pounds of beef, its value in bushels of wheat, and its price in bushels per pound. These three magnitudes are all of different “dimensions.” Both quantity and value are simply physical magnitudes. “Value” as here explained is not a subjective magnitude 1 } i { g : TERE

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