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 I. Capital

Collection:: Economics Books

CHAPTER 1V CAPITAL § 1 In the foregoing introduction we have set forth several fundamental concepts of economic science, — wealth, property, services, satisfactions, utility, price, and value. We have seen that wealth consists of material appropriated objects, and property, of rights in these objects; that wealth in its broadest sense includes human beings, and property in its broadest sense includes all rights whatsoever; that services are the benefits of wealth, satisfactions the enjoy- ment of services, and desirability or utility the desire for wealth, property, services, or satisfactions: that prices are the ratios of exchange between quantities of wealth, prop- erty, or services; and, finally, that value is the price of any of these multiplied by the quantity. These concepts are the chief tools needed in economic study. Nothing has yet been said as to the relation of these various magnitudes to that great “Independent variable” of human experience, time. When we speak of a certain quantity of wealth we may have reference either to a quan- tity existing at a particular instant of time, or to a quan- tity produced, consumed, exchanged, or transported during a period of time. The first quantity is a stock (or fund) of wealth; the second quantity is a flow (or stream) of wealth. The contents of a granary at noon, January 1, 1906, is a stock of wheat; the amount of wheat which has been hoisted into it during a week, or the amount of wheat which has been exported from the port of New York during 51

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