CHAPTER X 
PSYCHIC INCOME 
§1 
THE stage at which, in the previous chapter, we left in- 
come may be called the stage of final objective services. 
In other words, it is the stage at which the wealth of the ob- 
jective world at last acts upon the person of the recipient of 
income. This final income is that for which the economist 
is usually in search, and is that which the ordinary statistics 
of workingmen’s budgets represent. It is clear from what 
has been said, that in this final net income all interactions 
between articles of external wealth drop out,—all the 
transformations of production, such as the operations of 
mining, agriculture, and industry, all the operations of 
transportation, and all business transactions or exchanges. 
For, in all such cases, the debits and credits inevitably 
oceur in pairs of ‘equal and opposite items. The only 
items which survive are the final personal uses of wealth, 
ordinarily called “consumption.” Let us rather call them 
enjoyable objective services. The main sorts of enjoyable 
objective services are the following: services of nourish- 
ment, services of housing and warming, services of clothing 
and personal adornment, services of personal attendance, 
services of amusement, instruction, and recreation, serv- 
ices of gratification of vanity. 
§2 
Tt is usually recognized by economists that we must not 
stop at the stage of this objective income.! There is one 
more step before the process is complete. Indeed, no 
1 See Fetter’s Principles of Economics, New York, 1904, Chap. VI. 
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