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July 20 , 2010

Principles of Political Economy


RECEIPTS.—INCOME.—PRODUCE. The idea covered by the word receipts (Einnahme) embraces all the new additions successively made to one's resources within a given period of time.[144-1] Income, on the Other hand, embraces only such receipts as are the results of economic activity. (See §§ 2, 11.) Produce (Ertrag, produit) is income, but not from the point of view of the person or subject engaged in a business of any kind, but from that of the business itself, or of the object with which the business is concerned, and on which it, so to speak, acts. Income is made up of products, the results of labor and of the employment and use of resources. These products, the producer may either consume himself or exchange against Other products, to satisfy a more urgent want.[144-2] Hence, spite of the frequency with which we hear such expressions as these: "the laborer eats the bread of his employer;" "the capitalist lives by the sweat of the brow of labor;" or, again, a manufacturer or business man "lives from the income of his customers,"[144-3] they are entirely unwarranted. No man who manages his own affairs well, or those of a household, lives on the capital or income of another man; but every one lives on his own income, by the things he has himself produced; although with every Further development of the division of labor, it becomes rarer that any one puts the finishing stroke to his own products, and can satisfy himself by their immediate consumption alone. Hence we should call nothing diverted or derived income except that which has been gratuitously obtained from another.[144-4
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