[Gutenberg 38655] • Principles of Political Economy, Vol. 2

Excerpt from Principles of Political Economy, Vol. 2

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. Income, on the other hand, embraces only such receipts as are the results of economic activity. (See 2, II.) 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.

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