What I meant

Income is an ex post concept.  After a definite time period, what I have in fact consumed, is an assemblage, a bundle, a composite commodity.  Thus there can be no dispute over what constitutes income.  The appraisal of assets takes place at a point in time.  At two points in time.  A slice of time in a finite stretch of time.  My time.  My lifetime.  Measured in breaths, in coffee spoons. (In cigarettes.)  At any given point in time, there exists a set of  sentient beings.  They coexist.  Over a certain period in their lives, people join the labour force.

They work together. They jointly produce the goods we require. As Professor Jim Becker used to say, Man does not live by bread alone, but bread he must have. Or words to that effect. Now this inventory of goods (perishable, storable, long-lived, and so on) can be seen reflected in certain classificatory schema, The ISIC, CPC, all come to mind. Income is that part of the total wealth we consume, without impairing in any way our stock of wealth at the beginiing of the slice in time in which we are doing the accounting. For a definition of what wealth is see elsewhere on this blog.


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