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

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Part I. Capital

Collection:: Economics Books

Sec. 1] CAPITAL ACCOUNTS 67 mon unit, capital-value. Similarly, a quantum of property rights existing at any instant is called capital-property, and its value, capital-value. As a general term to include both capital-instruments and capital-property, we may employ capital-goods, a term first suggested by Professor Clark. We have, then, a definite antithesis between capital- goods and capital-value, capital-goods being measured in various units appropriate to the various goods, as, for in- stance, in bushels of wheat, gallons of oil, acres of land, shares of stock, and capital-value being measured in a single uniform manner, as in dollars or other convenient units of value. The simple term “capital” is only em- ployed as an abbreviation of either of the compound terms “capital-goods ” and ““capital-value.” The business man ordinarily uses the term “capital” in the sense of capital- value, and hereafter, unless it is otherwise specified, the term “capital” will be understood in this sense. In adopting this nomenclature we find ourselves in harmony with Professors Clark, Fetter, Tuttle, and others referred to in the preceding chapter. We are now ready to consider the “capital accounts” employed in business. It is strange that any treatment of these accounts is generally omitted from economic text-books. There seems to be no systematic study of capi- tal accounts in any work on political economy. © A capital account is a statement of the amount and value of the property of a specific owner at any instant of time. It consists of two columns, — the assets and the liabilities. The liabilities of an owner are the debts and other obligations owing to others; that is, they are the property-rights of others for which such owner is respon- sible. The assets ov resources of the owner are all his prop- erty-rights, irrespective of his liabilities. = The assets include both the property which makes good the liabilities, and the property, if any, in excess of the liabilities. They

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