Full text : The nature of capital and income

Sec. 8] INCOME 105

far as it has any recognized meaning, it may perhaps be
expressed in the phrase “enjoyable commodities and servtees.”
 This concept is certainly more adequate than
that of money-income; for it includes the supplementary
elements which we found lacking under the head of moneyincome,
 such as the clergyman’s use of a parsonage, the
servant’s board and lodging, and the farmer’s produce for
his own consumption. It is also less superficial than the
concept of money-income; for it recognizes that money
is only an intermediary, and seeks to discover the real elements
 for which that money-income stands.
But the definition errs in two particulars: first, instead of
making income consist simply and consistently of one kind
of element, services, it attempts to include with this
element the totally incongruous element, commodities;
and, secondly, it unnecessarily restricts itself to enjoyable
elements; for, though enjoyable elements are, in the last
analysis, the final income of society or of an individual,
the fact that they are should constitute the end of our reasonings
 and not the beginning. We shall now take up these
two errors in order.
That the two elements — “commodities” and “services”
— form a heterogeneous combination is evident from the
fact that one is concrete wealth and the other, abstract use
of that wealth. To bring about homogeneity we could
exclude uses altogether and confine “income” to concrete
commodities; or we could exclude commodities altogether
and restrict the term wholly to uses. The latter alternative,
 which is the solution offered in the present book,
seems never to have occurred to those who have written
on the subject. The former alternative is quite untenable
and has been instinctively discarded. Instead of either
alternative, the course which has actually been pursued has
been the eclectic makeshift of including some commodities
and the services or uses of others, and even sometimes both
the commodities and the uses of these very commodities.

 

 
            
Waiting...

Note to user

Dear user,

In response to current developments in the web technology used by the Goobi viewer, the software no longer supports your browser.

Please use one of the following browsers to display this page correctly.

Thank you.