“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.”

— John Hicks

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

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John Hicks 14

British economist 1904–1989

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