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ANALYTICAL TABLE OF CONTENTS 
CHAPTER X 
Psycuic IncoMr 
. Objective income leads up to subjective . 
. Illustrative cases : 
. Concept of subjective income . 
. Objective and subjective incomes differ in ithe 
Objective and subjective incomes differ as to labor . 
. Labor the only ultimate cost of production 
. Objective and subjective income differ as to pain 
. Summary . v v 
, Classification of services . 
CHAPTER XI 
Four INCOME-CAPITAL RATIOS 
. Résumé of previous chapters . 
. Physical- and value-productivity, physiol: and valde-return . 
. Errors from confusing them . 
. How costs, past and future, affect values . . . 
CHAPTER XII 
CONCEPT OF RATE OF INTEREST 
. The rate of interest as a case of ‘ value-return” . x 
. Annual, semi-annual, quarterly, and continuous reckoning 
Rate of capitalization or reciprocal of the rate of interest . 
The *¢ premium ”’ and * price ’’ concepts of the rate of interest 
. The conditions under which they are interchangeable 
. Conditions under which they are not interchangeable 
. The rate of discount 
. Summary . . . . . . . . . . 
CHAPTER XIII 
VALUE oF CAPITAL 
Capital-value of a single future item. The * discount curve * 
Application to valuing capital, property, and wealth  . 
Capital-value of a perpetual annuity 
Application to valuing capital, property, and wealih 
Capital-value of a terminable annuity . 
Application to valuing capital, property, and wealth . 
Capital-value of a bond : : 
Capital-value of any income stream whalaver 
  
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