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actual amount annual annuity apply assets balance bank beginning body bond called capital capital-value cash cent chance CHAPTER concept considered consists continuously cost counted course curve debited definition depreciation desirability discounted disservices earnings economic elements enter entire equal evidently exchange exist expected fact Figure final flow fund future given income increase individual installment instance investment labor land less liabilities mathematical means measured merely method namely objective obtain outgo owner particular payment perpetual person practical present value principle probability production profits rate of interest realized received reckoned regarded relation repairs represented result risk seen sell sense shares side simply standard stockholders subjective suppose taken term theory tion true unit usually wealth worth yield
Page 59 - Wages, then, depend mainly upon the demand and supply of labour ; or, as it is often expressed, on the proportion between population and capital. By population is here meant the number only of the labouring class, or rather of those who work for hire ; and by capital, only circulating capital, and not even the whole of that, but the part which is expended in the direct purchase of labour.
Page 59 - With these limitations of the terms, wages not only depend upon the relative amount of capital and population, but cannot under the rule of competition be affected by anything else. Wages (meaning, of course, the general rate) cannot rise, but by an increase of the aggregate funds employed in hiring labourers, or a diminution in the number of...
Page 231 - Year. 2nd Year. . 3rd Year. 4th Year. . 5th Year . 6th Year. . 7th Year. . 8th Year.. 9th Year.
Page 106 - The only true method, in our view, is to regard uniformly as income the service of a dwelling to its owner (shelter or money rental), the service of a piano (music), and the service of food (nourishment) . . ." (emphasis in original). I. Fisher, Nature oj Capital and Income (New York: AM Kelley, 1906). * We are tempted to suggest that the word "consumption" be dropped entirely from the economist's vocabulary as being basically deceptive.
Page 294 - ... when, as generally happens with the investing public, the forecasts are not made independently. Were it true that each individual speculator made up his mind independently of every other as to the future course of events, the errors of some would probably be offset by those of others. But, as a matter of fact, the mistakes of the common herd are usually in the same direction.
Page 52 - A stock of wealth existing at an instant of time is called capital. A flow of services through a period of time is called income.
Page 59 - ... be reduced. To illustrate this principle, let us suppose, that the capital of a country appropriated to the payment of wages, would, if reduced to the standard of wheat, form a mass of 10,000,000 of quarters : If the number of labourers in that country were two millions, it is evident that the wages of each, reducing them all to the same common standard, would be five quarters...
Page 346 - Social Income may be estimated by adding together the incomes of the individuals in the society in Social income. question, whether a nation or any other larger or smaller group of persons. But to reckon it directly is for most purposes simplest and best. Everything that is produced in the course of a year, every service rendered, every fresh utility brought about is a part of the national income.
Page 349 - Einkommen die Summe aller in Geld oder Geldeswert bestehenden Einnahmen, mit Einschluss des Mietwertes der Wohnung im eigenen Hause oder sonstiger freier Wohnung, sowie des Wertes der im Haushalte verbrauchten Erzeugnisse der eigenen Wirtschaft und des eigenen Gewerbebetriebes, abzüglich der auf Erlangung, Sicherung und Erhaltung dieser Einnahmen verwendeten Ausgaben, sowie der Schuldzinsen, zu verstehen.
Page 286 - BUSINESS men try not only to estimate the risk which they must encounter and to adjust their accounts accordingly, but they also endeavor to avoid such risks altogether. This follows from the existence of the factor of caution. Where the coefficient of caution is abnormal, amounting to incaution, risks are not avoided, but are expressly sought, and the phenomena of gambling and indiscriminate speculation are the result. But...