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. In- 
come 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 com- 
forts, 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 con- 
ferred 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 per- 
suading 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.