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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Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Introduction. Fundamental concepts

Collection:: Economics Books

Sec. 4] : UTILITY 45 whatever. Reference may be had to a specified group of goods now existing, or to a specified group of goods in the future, or to a specified flow of goods through a period of time. For instance, the marginal desirability of coal to an individual may be taken to refer to the particular stock of coal in his bin at the present moment. If this stock con- sists of fifteen tons, its marginal desirability is the desir- ability of the fifteenth ton, or the difference to him between the desirability of having fifteen and that of having four- teen tons. Or, reference may be had to an intended pur- chase of coal to be delivered in three months. If we con- sider a possible purchase of future coal to the extent of fifteen tons, its marginal desirability then represents the present desire for the fifteenth ton, in exactly the same way as though reference were had to an existing stock. Again, if a person is consuming in his household fifteen tons of coal a year, its marginal desirability at any instant is the desirability of the fifteenth ton, or the sacrifice which would be occasioned were he to reduce his yearly consump- tion from fifteen tons to fourteen. Again, the group of goods considered may consist of ar- ticles all of which are of the same kind, or of a heterogeneous collection. In the preceding examples the goods were of exactly the same kind. As an example of the marginal desirability of a group consisting of diverse kinds, we may cite the desirability of an additional monthly magazine or newspaper. If a subscriber is already taking ten periodi- cals of different kinds, the desirability of a specified journal additional to the existing assortment may be regarded as the marginal desirability with reference to the entire group of journals. In the same way we may speak of the marginal desir- ability of a series of characteristics or features connected with any article or articles of wealth. A person contemplating the building of a house may have to decide how many win- dows he will putin. If he contemplates fifty windows, the

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