“The purpose of income calculations in practical affairs is to give people an indication of the amount which they can consume without impoverishing themselves. Following out this idea, it would seem that we ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.”

Source: Value and capital, (1939), p. 172

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John Hicks14

British economist 1904–1989

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“Income No. 3 must be deﬁned as the maximum amount of money which the individual can spend this week, and still be able to spend the same amount in real terms in each ensuing week.”

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