The new industrial revolution and wages

The nature of capital and income

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Monograph

Identifikator:: 1804651486

URN:: urn:nbn:de:zbw-retromon-193069

Document type:: Monograph

Author:: Lauck, William Jett http://d-nb.info/gnd/173237126

Title:: The new industrial revolution and wages

Place of publication:: New York

Publisher:: Funk & Wagnalls

Year of publication:: 1929

Scope:: ix, 308 S.; graph. Darst.

Digitisation:: 2022

Collection:: Economics Books

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

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter II. Pre-war principles and methods

Collection:: Economics Books

CHAPTER X PSYCHIC INCOME §1 THE stage at which, in the previous chapter, we left in- come may be called the stage of final objective services. In other words, it is the stage at which the wealth of the ob- jective world at last acts upon the person of the recipient of income. This final income is that for which the economist is usually in search, and is that which the ordinary statistics of workingmen’s budgets represent. It is clear from what has been said, that in this final net income all interactions between articles of external wealth drop out,—all the transformations of production, such as the operations of mining, agriculture, and industry, all the operations of transportation, and all business transactions or exchanges. For, in all such cases, the debits and credits inevitably oceur in pairs of ‘equal and opposite items. The only items which survive are the final personal uses of wealth, ordinarily called “consumption.” Let us rather call them enjoyable objective services. The main sorts of enjoyable objective services are the following: services of nourish- ment, services of housing and warming, services of clothing and personal adornment, services of personal attendance, services of amusement, instruction, and recreation, serv- ices of gratification of vanity. §2 Tt is usually recognized by economists that we must not stop at the stage of this objective income.! There is one more step before the process is complete. Indeed, no 1 See Fetter’s Principles of Economics, New York, 1904, Chap. VI. 166

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