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Income

Income “is broadly speaking that what comes in” (Simons: The Definition of Income, 1938/1969, 64), incorporating monetary and/or natural income. Both kinds are key indicators for consumption patterns and thus for consumer culture. Monetary income can be generated from land, produced goods and services, and consumers' capital, and gained from trading profit. The following dimensions are important determinants of income: income type—gross versus net; the entity—varying from a rather macroeconomic (countries, population groups) to a microeconomic level (households, individuals); the timeframe—on a daily, weekly, monthly, or annual basis or regarding individuals' long-term income or life cycle view.

Concepts of Income and Their Measurement

Income is especially relevant in comparing different entities over time in various contexts and for different purposes. Thus, many psychological, social, economic, and ...

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