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1:Fisher,IrvingTitle:TheTheoryofInterestPublisher:TheMacmillanCompanyLocation:NewYorkEdition:1930Firstpublished:1930CardCatalog:FullListingAdvancedSearchPARTI.INTRODUCTIONPARTI,CHAPTERIINCOMEANDCAPITAL*2?.Subjective,orEnjoyment,IncomeINCOMEisaseriesofevents.*3I.I.1Accordingtothemoderntheoryofrelativitytheelementaryrealityisnotmatter,electricity,space,time,lifeormind,butevents.I.I.22Foreachindividualonlythoseeventswhichcomewithinthepurviewofhisexperienceareofdirectconcern.Itistheseevents—thepsychicexperiencesoftheindividualmind—whichconstituteultimateincomeforthatindividual.Theoutsideeventshavesignificanceforthatindividualonlyinsofarastheyarethemeanstotheseinnereventsofthemind.Thehumannervoussystemis,likearadio,agreatreceivinginstrument.Ourbrainsservetotransformintothestreamofourpsychiclifethoseoutsideevents,whichhappentousandstimulateournervoussystem.I.I.3Butthehumanbodyisnotordinarilyregardedasanownedobject,andonlythoseeventsinconsciousnesstraceabletoownedobjectsotherthanthehumanbodyaregenerallyadmittedtobepsychicincome.However,thehumanmachinestillplaysar鬺einsofaras,throughitspurposefulactivities,itproduces,orhelpsproduce,otherownedobjectswhicharematerialsourcesofdesirableevents—food,houses,tools,andothergoods,whichintheirturnsetinmotionachainofoperationswhoseultimateeffectisregisteredinourstreamofconsciousness.TheimportantconsiderationfromthispointofviewisthathumanbeingsareeverstrivingtocontrolthestreamoftheirpsychiclifebyappropriatingandutilizingthematerialsandforcesofNature.I.I.4InMan'searlyhistoryhehadlittlecommandoverhisenvironment.Hewaslargelyatthemercyofnaturalforces—windandlightning,rainandsnow,heatandcold.ButtodayManprotectshimselffromthesebymeansofthosecontrivancescalledhouses,clothing,andfurnaces.Hedivertsthelightningbymeansoflightningrods.Heincreaseshisfoodsupplybymeansofappropriatedland,farmbuildings,plows,andotherimplements.Hethenrefashionsthefoodbymeansofmills,grindingmachinery,cook-stovesandotheragencies,andbythelaborofhumanbodies,includinghisown.I.I.5Neithertheseintermediateprocessesofcreationandalterationnorthemoneytransactionsfollowingthemareofsignificanceexceptastheyarethenecessaryorhelpfulpreliminariestopsychicincome—humanenjoyment.Wemustbecarefullest,infixingoureyesonsuchpreliminaries,especiallymoneytransactions,weoverlookthemuchmoreimportantenjoymentwhichitistheirbusinesstoyield.I.I.6Directorsandmanagersprovidingincomeforthousandsofpeoplesometimesthinkoftheircorporationmerelyasagreatmoney-makingmachine.Intheireyes,itsonepurposeistoearnmoneydividendsforthestock-holders,moneyinterestforthebondholders,moneywagesandmoneysalariesfortheemployees.Whathappensafterthesepaymentsaremadeseemstooprivateamattertoconcernthem.Yetthatisthenubofthewholearrangement.Itisonlywhatwecarryoutofthemarketplaceintoourhomesandprivateliveswhichreallycounts.Moneyisofnousetousuntilitisspent.Theultimatewagesarenotpaidintermsofmoneybutintheenjoymentsitbuys.Thedividendcheckbecomesincomeintheultimatesenseonlywhenweeatthefood,weartheclothes,orrideintheautomobilewhichareboughtwiththecheck.I.I.73?.Objective,orReal,Income(OurLiving)Enjoymentincomeisapsychologicalentityandcannotbemeasureddirectly.Wecanapproximateitindirectly,however,bygoingonestepbackofittowhatiscalledrealincome.Realwages,andindeedrealincomeingeneral,consistofthosefinalphysicaleventsintheouterworldwhichgiveusourinnerenjoyments.I.I.8Thisrealincomeincludestheshelterofahouse,themusicofavictrolaorradio,theuseofclothes,theeatingoffood,thereadingofthenewspaperandallthoseotherinnumerableeventsbywhichwemaketheworldaboutuscontributetoourenjoyments.Metaphoricallywesometimesrefertothis,ourrealincome,asourbreadandbutter.I.I.9Thesefinalsinthestreamofoutereventsarewhatwecallourliving,asimpliedinthephrasescostoflivingandearningaliving.Thefinaloutereventsandtheinnereventswhichtheyentailruncloselyparallel,or,rather,theinnereventsgenerallyfollowcloselyintimeontheouter.Theenjoymentofmusicisfeltalmostinstantaneouslyasthepianoorsingerproducesit.Theenjoymentoffoodisexperiencedwiththeeatingorsoonaftertheeating.I.I.10Theseouterevents,suchastheuseoffood,orclothes,etc.,areliketheresultantinnereventsinnotbeingveryeasilymeasured.Theyoccurlargelyintheprivacyofthehome;theyareoftendifficulttoexpressinanystandardunits.Theyhavenocommondenominator.Eventheindividualwhoexperiencesthemcannotweighandmeasurethemdirectly.Allhecandoistomeasurethemoneyhepaidtogetthem.I.I.11?.CostofLiving,aMeasureofRealIncomeSo,justaswewentbackofanindividual'senjoymentincometohisrealincome,wenowgobackofhisrealincome,orhisliving,tohiscostofliving,themoneymeasureofrealincome.Youcannotmeasureindollarseithertheinnereventofyourenjoymentwhileeatingyourdinnerortheoutereventofeatingit,butyoucanfindoutdefinitelyhowmuchmoneythatdinnercostyou.Inthesameway,youcannotmeasureyourenjoymentatmovingpicturetheater,butyoudoknowwhatyoupaidforyourticket;youcannotmeasureexactlywhatyourhouseshelterisreallyworthtoyou,butyoucantellhowmuchyoupayforyourrent,orwhatisafairequivalen