Page:Indian Journal of Economics Volume 2.djvu/68

 56 H. $. ;EVON$ incomes which follows my differ in some respects from he practice of previous writers' and from wha migh seem best in a complete monograph on the theory of incomes. As the latter has not yet been written by anyone, I am forced to cover the ground just so far as is necessary for my immediate purposO; but, of course, I have been careful to avoid consciously mak- ing in my partial theory any statements which would be in conflict with the general theory of incomes when ultimately developed. Total psychic income integrates the mental effect of all the activities of a community and it is the net balance of feeling resulting from the subtraction of an ot.oo (negative income) of unpleasant feeling (or dis- satisfactions, including pain) from the income of pleasant feeling (satisfactions). Total psychic income must, of necessity, be greater than any other nt income, for it includes them all. Total psychic income may be divided into two parts: (1) firsfly all those satisfac- by exchange, by all decreases expenditure or by persoils of dissatisfaction s, of money or rendering composing the corn- which are by giving services which ticns experienced ,munity, and purchased goods in are rewarded by paymeu in kind. Although the word sri&ly relaes o exchange with money shall denominate as purckazed ;,syki income all the psychic income which is bought with goods and services as well as with money. The total p.hased only, I the psychic resultant of the the latter is net already, the two psyckic icom is incom; and as correspond, except to the extent of the need of a small deduction from th former for any small balance of unpleasantness of the effort of purchasing. (2) The other part of tota pschic ncomz is that which arises from all the experiences of. life, all the Z e,;.  Fisher, Plou, P-sto, nd