Mortgage, use of, to maintain regularity
 of income, 127, 244-245;
reduction of risk by, 289.
Murray, J. A. H., dictionary definition
of income, 62-63, 345-346.
Mutual insurance companies, creditors
 and stockholders identical
in, 85.

N

National banks, liability of stockholders
 in, 83; government
bonds bought by, 280-281.
Natural income, 118, 150; ascertaining,
 by method of couples, 150—
151.
Nau, Carl H., cited, 39.
Net capital, 69, 330.
Net income, 118, 121, 130-131, 333;
example of, in case of lawyer,
136-137, 163, 174-175; lacking
in case of fictitious persons,
138-139; of society, 141-143;
determining by method of balances
 and method of couples,
157-158; of merchant’s stock,
223. .
Net outgo, definition of, 121, 335.
Net product, social income conceived
as society’s, 113-115.
Nicholson, J. $8., human beings
counted as wealth by, 5 n.?;
use of term ‘‘capital’’ by, 61;
on credit as ‘“‘revenue capital,”
96.
Norton, J. P., on relation between
amount of capital and risk involved,
 277, 409; on use of
probability computations, 283
n.!, 410 n.
Notes, wealth underlying, 26, 28.
Nourishment, services of, 165.

Oo

Objective cost of production nonexistent,
 173.
Objective income, 165-169 ; points of
divergence of, from subjective
income, 169-176.

Ofner, human beings counted as

wealth by, 5 n.2
Ophelimity, 42.
Options, stock exchange (puts and
calls), 208-209.

 

422 INDEX .

Out-come, income viewed from one
point becomes, 112 n.
Outgo, definition of, 119, 326, 335;
element of, 121; net, 121, 335;
use of, in two senses (disservices
and value), 121; viewed from
one point is ingo, 123 n.; not
capital, 124; offsetting of, by
depreciation fund, 125-126;
method of couples applied to,
151-152; depreciation is not,
234.
Overvaluation of capital, 79-80.
Owner-method of taxation, 97-98.
Ownership, meaning of, 18; partial
and total, 34-36, 95-96, 324-325,
 335; change in forms’ of, in
reorganization after bankruptey,
86; credit a form of divided,
96-97; proper determination
of, in taxation of property, 97—
98; change of, 149-152, and see
Exchange and Transfer.

P

Palgrave, definition of capital by, 62.
Panama Canal, example of dependency
 of capital-value on future
services, 188-189.
Panics, causes of, 296-297.
Pareto, human beings counted as
wealth by, 5 n.?; introduction
of term ‘‘ophelimity’’ by, 42;
cited on utility, 47; use of
term ‘‘capital’’ by, 60; distribution
 curve of incomes of, 142.
Partial rights to property, 34-37, 95—
96, 335.
Partnership, wealth underlying rights
in, 26; liability of members of a,
83; income considered in respect
 to, 130.
Patent rights, wealth underlying, 27.
Payment by installment a means of
regulating income, 127, 244-245.
Pearson, Karl, cited, 410 n.
Pension, the diminishing capitalvalue
 of a, 238-239.
Person, fictitious and real, defined,
335. See Fictitious and Real
persons.
Petty, on human beings as wealth,
5 nl, 17.
Physical productivity of capital, 185,
186.