Full text : The nature of capital and income

  
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 

Sec. 3] PROPERTY 21

the broader definition of wealth, which includes human
beings even when free, and by adopting also a coextensively
broad definition of property so as to include all rights known
to jurisprudence. This being premised, it follows that
every right is a property right. No rights have ever been
suggested which are not rights to obtain and enjoy the
uses of wealth, either persons or things. Even the “right
to life, liberty, and the pursuit of happiness” is simply
one’s right to certain uses of his own person. The rights
of a husband over his wife and of a wife over her husband,
and the reciprocal rights between parents and children, as
well as all other rights in personam, are claims against particular
 persons; while the right to reputation, to the free
exercise of one’s calling, to immunity from boycott, persecution,
 etc., are claims upon the community generally.
These rights are not ordinarily called property rights, just
as persons are not ordinarily called wealth, and for a similar
reason, — they do not enter into trade. When wives
were bought and sold they were regarded as wealth, and
marital rights as property. To-day, both are taken out of
commerce and therefore removed from commercial ideas
and terms. The economist need not, perhaps, absolutely
insist on restoring them ; like the business man, he is chiefly
interested in what is salable. But in framing his definitions
 he finds it difficult, if not impossible, to confine the
terms “wealth” and “property” to objects which are exchangeable,
 without thereby sacrificing simplicity and logical
 convenience, and excluding certain objects, such as public
parks and former English entails, which, though never sold,
even business men would call wealth and property respectively.
 We therefore choose in this book to frame our definitions
 so as to include such elements, even though they be
not further referred to. In definitions, it is usually better
to include too much rather than too little,and in this case,

1 Cf. T. E. Holland, Jurisprudence, Macmillan, 1898, pp. 50, 80, 87,
00, 128.

 

 

 

      
            
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