The nature of capital and income

Bibliographic data

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:: Part I. Capital

Collection:: Economics Books

Sec. 2] CAPITAL 55 Marx * makes it depend on the effect of the wealth on the laborer, and Tuttle, upon the amount of wealth possessed. Again, while most authors confine the concept of capital to material goods, MacLeod® extends it to all immaterial goods which produce profit, including workmen’s labor, credit, and what he styles “incorporeal estates,” such as the Law, the Church, Literature, Art, Education, an au- thor’s Mind. Clark * takes what he styles “pure” capital out of the material realm entirely, making it consist, not of things, but of their utility. Most authors leave no place, in their concept of capital, for the value of goods as distinct from the concrete goods themselves, whereas Fetter,’ in his definition, leaves place for nothing else. Some definitions are framed with especial reference to particular problems of capital; many, for instance, have reference to the prob- lem of capital and labor, but they fail to agree as to the re- lation of capital to that problem. MacCulloch ® regards it as a means of supporting laborers by a wage fund; Marx,’ as a means of humiliating and exploiting them; Ricardo,’ as a labor saver; MacLeod? as including labor itself as a special form of capital. Many definitions have reference to the problem of production, but in no less discordant ways. Accord- ing to Senior,® Mill,’ and many others, capital must be itself a product. Walras® MacLeod,’ and others admit 1 Capital, English translation, London, 1887, Vol. II, p. 792. ? “The Real Capital Concept,” Quarterly Journal of Economics November, 1903. 3 Dictionary of Political Economy, article “Capital,” p. 331. 4 Capital and its Earnings, Publications of American Economic Association, 1888, pp. 11-13. § “Recent Discussion of the Capital Concept,” Quarterly Journal of Economics, November, 1900, and Principles of Economics, 1904. 8 Principles of Political Economy, 4th ed., p. 100. 7 Principles of Political Economy, § 37. 3 8 «Political Economy,” Encyclopedia Metropolitana, Vol. VI, p. 153. ® Principles of Political Economy, Book I, Chap. IV, § 1. 0 Fléments d'Economie Politique Pure, Lausanne, 4th ed., p. 177.

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