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 IV. Summaries

Collection:: Economics Books

318 NATURE OF CAPITAL AND INCOME [Cmar. XVII items of income from the layer next above. In Figure 29 the interaction @ may be taken as the discounted value of the income taken from the layer next above, between the points P and @. Here we have a geometrical repre- sentation of the fact so often insisted upon by Professor Bohm-Bawerk ! and Professor Taussig that the pro- duction of this year’s wool is for next year’s (or next month’s) yarn, of this year’s yarn for next year’s cloth, of this year’s cloth for next year’s clothes, ete. In tracing the connection between the income items in different layers, we may consider either a cross-section be- tween the different layers, by drawing two vertical lines Fi. 29. separated by a certain interval and noting the intervening income taking place simultaneously in the various layers; or we may follow the successive time connections involved between one layer and the next. In the treatment which has been given in the previous chapters, the former method was employed. The present diagrammatic representation gives us a bird's-eye view of both. Thus, in Figure 30, representing the logging camp, sawmill, lumber yard, ete., having selected a period represented between the vertical line drawn at 4 and B, we may either address ourselves to the mutual relations of the various layers there comprised ; or we may address ourselves to the income item a, whose ! Positive Theory of Capital, English translation, 1890, pp. 179-189. ? Wages and Capital, New York (Appleton), 1896, Chapters II, ITI.

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