INDEX 
capital by classical economists, 
63; mistake of distinguishing 
between capital and, 186-187; 
an example of capital yielding 
an approximately perpetual 
annuity, 209; determination of 
uses of, 221; benefits of specu- 
lation in, 222; taxation of, 254. 
Land improvements, 5, 7, 334. 
Landry, time element in concept of 
capital of, 57. 
Lawyer, income and outgo accounts 
of, 131-137, 162-164, 174-175. 
Lease, wealth underlying rights of, 
26, 34-35. 
Liabilities, definition of, 67, 325, 334; 
relation of capital-balance to, 
looking to safety of a business, 
81; true value of, derived from 
assets, 84-85, 139 ; consideration 
of, in income and outgo accounts, 
134-135, 139-140, 162-164. 
Liability, limited and contingent, 
82-83. 
Life insurance, steadying of income 
by, 294, 295; method of com- 
puting pure level premium, 
410-411. 
Limited liability, in case of joint 
stock company, 82-83. 
Line method of representing income, 
206-207, 371-372. 
Liquidation, resulting from bank- 
ruptey, 86; a crisis defined as a 
time of general and forced, 296. 
Loans, short-time: interest in case 
of, 194-195, 198-199; rate of 
discount employed for, 199, 204. 
Logging camp accounts, 152-157, 318. 
Lowell Institute, possibilities of 
accumulation shown by, 225. 
M 
MacCulloch, on human beings as 
wealth, 5 n.2; concept of capital 
of, 55; quoted on wage fund 
theory, 59. 
Machines, offsetting of depreciation 
in, 241-242. 
MacLeod, H. D., definition of wealth 
by, 4; concept of capital of, 55; 
includes credit under capital, 96. 
Marginal utility (desirability), defi- 
nition of, 46, 331 ; mathematical 
expression for, 344-345. 
  
421 
Marshall, Alfred, use of economic 
terms by, 43, 46, 61; treatment 
of capital by, 54; on distinction 
between capital and non-capital, 
57; on concept of income, 114, 
117, 347-348; on avoidance of 
double counting in concept of 
income, 114; on transformation 
of wealth, 145. 
Marx, distinction between capital 
and non-capital according to, 
55; on relation between capital 
and labor, 55; denies that 
capital is productive, 56. 
Measurement of psychic income, 
177. 
Measurement of services and dis- 
services, 19-20, 120-121. 
Measurement of wealth, by quan- 
tity, 8-9; by price, 9-11; by 
value, 13-14; inaccuracies in, 
15-17; expressed mathematie- 
ally, 341-344. 
Methods of avoiding 
Risk. 
Methods of balances and couples. 
See Balances and Couples. 
risk. See 
Methods of standardizing income, 
125-120, 243-247, 259-263, 
293-294. 
Meyer, R., on income, 355-356. 
Mill, J. S., distinction between capi- 
tal and non-capital by, 54; 
capital itself regarded as a 
product by, 55; quoted on 
wage fund theory, 59. 
Miner’s inch, 193, 208-209. 
Mines, terminable income exemplified 
by, 209, 210. 
Mixter, editor of Rae’s Sociological 
Theory of Capital, 65 n.'. 
Money, uniformity of measurement 
by means of, 15; irredeemable 
paper, 27, 30; distinction be- 
tween three elements (wealth, 
property, certificates) to which 
term is applied, 38. 
Money-income, concept of, 103-104, 
115, 117-118. 
Money price, 335. 
Money value, 337. 
Money-wages not real wages, 104. 
Monopoly, effect of tendency toward, 
on risk element, 409. 
Monopoly franchise, wealth under- 
lying rights of, 25, 27, 29.