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

324 NATURE OF CAPITAL AND INCOME [Cuar. XVIII in such a way as to supply him with food and the mate- rials for constructing other instruments. By means of dwellings and other buildings he is enabled to divert the elements from contact with his body and with the objects of wealth which he stores in them. By means of machin- ery, tools, and other instruments of production, he is enabled to fashion new instruments to add to his stocks or to take the place of those destroyed or worn out. By means of the final finished products which minister to his more immediate enjoyments, such, for instance, as food, clothing, books, ornaments, he is enabled to consummate the objects for which the entire mass of wealth is produced and kept in existence, namely, the satisfaction of his de- sires, whether these be for the necessities, the luxuries, the comforts, or the amusements of life. In these and other ways the stock of wealth will modify the course of natural events in ways more or less agreeable to the owner. These changes in the historical stream of events which occur by means of wealth constitute what have been called the serv- ices of wealth. In our picture, therefore, we observe (1) a stock of instru- ments existing at an instant of time, and (2) a stream of services through time, flowing from this stock of wealth. The stock of wealth is called capital, and its stream of serv-. ices is called income. The income is the more important concept of the two, for the capital exists merely for the sake of the income, and the ownership of the capital has no other significance than the ownership of possible income from that capital. The division of income between differ- ent owners constitutes in reality a division of ownership of the capital which bears the income, and the individual shares constitute what are called property rights. §2 From this it is apparent that property rights and wealth go side by side, and that neither can exist without the other,

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