CHAPTER VII

INCOME

§ 1

Income has already been defined as a flow through a
period of time and not, like capital, as a fund at an instant
of time, and as consisting of abstract services and not,
like capital, of concrete wealth. The income from any instrument
 is thus the flow of services rendered by that
instrument. The income of a community is the total flow of
services from all its instruments. The income of an individual
 is the total flow of services yielded to him from his
property. Before attempting to elaborate or even to justify
this definition, we have first to examine the erroneous
concepts of income now current. The present chapter is
devoted to such an examination.
It is no exaggeration to say that at present the state of
economic opinion on this important subject is deplorably
confused and conflicting. Many writers fail to construct
any definition whatever, either because they find the task
too difficult, or because they deem the concept too obvious
to require definition. And those who do set themselves
the task of reaching a working concept of income do not
find it an easy one; and authors often confess dissatisfaction
 with their own results.
The definitions which are given are usually vague.
Their authors, often able and distinguished, and keenly
alive to the difficulties of the subject, seem to take refuge
! For a collection of conflicting definitions see Appendix to Chap.
VIL § 1.
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