Note 192 — Chapter II · : ADAM SMITH

All these questions so obscurely treated in Smith’s work are handled with admirable lucidity in Irving Fisher’s Nature of Capital and Income (New York, 1907). Revenue is entirely stripped of that material suggestion which was always associated with it in Smith’s work, and is looked upon as a continual flow of services, whilst capital as a whole is regarded as total wealth existing at one particular moment and from which these services flow out.