Sec. 8] INCOME ’ 117

also harmonizes with what Professor Marshall * calls
the “usance” of wealth, and with the psychological
concepts of income in President Hadley’s Economics,” in
Professor Flux’s Economic Principles? and in Professor
Fetter’s Principles of Economics.* Finally, it harmonizes
more closely than at first glance might be supposed, with
the etymological and popular meaning of income. Income
 from any source is what comes in from that source.
The income from any capital is what that capital brings in
to its owner, no matter what may be the form of benefit
brought in. If the capital serves to bring in money, the
income is “money-income.” If it serves to bring in crops
or products, as does a self-supporting farm, the income is
of another form. If it serves to bring in enjoyable comforts,
 as does a dwelling house, the income is of a still
different form. But in all cases, the essential fact is that
the capital performs service, — accomplishes something
desired.
As this usage makes income include all money-income, it
cannot be maintained that it conflicts with commercial
usage. It may be objected by the unreflecting that by
including non-monetary elements it includes too much;
but many — often all — of the non-monetary benefits conferred
 by capital are recognized as income by economists,
as well as by such men of affairs as have studied the
subject with care. A business man who had bought a
yacht remarked: “It’s a good investment, and I get my
dividends every Saturday afternoon when I take a sail in
it.” And the writer has never had any difficulty in persuading
 other business men of the propriety of such usage.
In fact, without an enjoyable use in prospect, money-ncome
itself would have no existence or meaning. A house could

t See Principles of Economics, 3d ed. (Macmillan), Vol. I, p. 156.
A part of this passage is quoted in Appendix to Chap. VII. See also
Carver's Distribution of Wealth (New York, Macmillan, 1904), p. 123.
2 Chap. I. :p. 17. * pp. 43, 571.