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

62 NATURE OF CAPITAL AND INCOME [Cuar, IV ZL stock as capital was explicit, as, for instance, in the year 1611, Cotgrave defined capital as, “wealth, worth ; a stocke.” Again, we find : — 1678, Dufresne du Cange, Glossarium.— Capitale dicitur bonum omme quod possidetur. . . . More often capital is explained as a term employed in business, as: — 1759, Rider, W. A New Universal English Dictionary. . . . London. — Capital. Among merchants, the sum of money brought in by each party to make up the common stock. Likewise the money which a merchant first brings into trade on his own account. Here the phrase ‘among merchants’ is perhaps intended to specify the sphere in which the term is generally found, rather than as a necessary limitation to that sphere, just as ‘“hawser” is explained as a “nautical term” without implying that a hawser could not be employed on shore. With the advent of the economists the dictionary definitions were thrown into confusion, although the great majority of them continue still to adhere to the original usage; e.g.: — 1883, Simmonds, P. L. The Commercial Dictionary. . . . Capital . . the net worth of a party. 1894. Palgrave’s Dictronary of Political Economy, under ‘‘ Assets.” The assets remaining after the discharge of liabilities are a person’s actual capital. In many cases it is thought necessary to distinguish between the meaning of capital among economists and its meaning among business men; e.g.: — 1893, Murray, J. A. H. A New English Dictionary. . . . Vol. II, Oxford. — Capital, B. sb. 3. A capital stock or fund. a. Commerce. The stock of a company, corporation, or individual with which they enter into business and on which profits or dividends are calculated; sented the distinction between a fund and a flow. The term soon became applied to a merchant’s stock in contradistinction to the flow of profits springing from it, and hence to. any fund or stock what- ever. See “Precedents for Defining Capital,” Quarterly Journal of Economics, May, 1904, p. 395. ! See “Precedents,” pp. 8, 9.

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