1289:
1273:
43:
652:
Gains derived from dealings in property; (4) Interest; (5) Rents; (6) Royalties; (7) Dividends; (8) Annuities; (9) Income from life insurance and endowment contracts; (10) Pensions; (11) Income from discharge of indebtedness; (12) Distributive share of partnership gross income; (13) Income in respect of a decedent; and (14) Income from an interest in an estate or trust.
704:
4.30: Gains represent other items that meet the definition of income and may, or may not, arise in the course of the ordinary activities of an entity. Gains represent increases in economic benefits and as such are no different in nature from revenue. Hence, they are not regarded as constituting a separate element in this
Conceptual Framework."
700:(IASB) uses the following definition: "Income is increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants." (IFRS Framework).
748:, are not negative income. This may seem trivial, but the non-inclusion of psychic income has important effects on economics and tax policy. It encourages people to find happiness in nonmonetary, nontaxable ways and means that reported income may overstate or understate the well-being of a given individual.
966:
The Health
Foundation published an analysis where people on the lower income spectrum were more likely to describe their health negatively. Higher income was associated with self-reported better health. Another study found that “an increase in household income of £1,000 is associated with a 3.6 month
795:
Education has a positive effect on the level of income. Education increases the skills of the workforce, which in turn increases its productivity (and thus higher wages). Gary Becker developed a Human
Capital Theory, which emphasizes that investment in education and training lead to efficiency gains,
703:
Previously the IFRS conceptual framework (4.29) stated: "The definition of income encompasses both revenue and gains. Revenue arises in the course of the ordinary activities of an entity and is referred to by a variety of different names including sales, fees, interest, dividends, royalties and rent.
845:
The total output of an economy equals its total income. From this viewpoint, GDP can be an indicator and measurement of national income since it measures a nation’s total production of goods and services produced within the borders of one country and its total income simultaneously. GDP is measured
626:
and income constraint. For example, the same person can gain more productive skills or acquire more productive income-earning assets to earn a higher income. In the multi-period case, something might also happen to the economy beyond the control of the individual to reduce (or increase) the flow of
890:
The proponents of UBI argue, that basic income is needed for social protection, mitigating automation and labour market disruptions. Opponents argue that UBI, in addition to being costly, will distort incentives for individuals to work. They might argue that there are other and more cost-effective
651:
Except as otherwise provided in this subtitle, gross income means all income from whatever source derived, including (but not limited to) the following items: (1) Compensation for services, including fees, commissions, fringe benefits, and similar items; (2) Gross income derived from business; (3)
711:
US GAAP does not define income but does define comprehensive income (CON 8.4.E75): Comprehensive income is the change in equity of a business entity during a period from transactions and other events and circumstances from nonowner sources. It includes all changes in equity during a period except
802:
Generally, countries more open to trade have higher incomes. And while globalization tends to increase average income in a country, it does so unequally. Sachs and Warner claim, that “countries with open economies will converge to the same level of income, although admittedly it will take a long
707:
The current IFRS conceptual framework (4.68) no longer draws a distinction between revenue and gains. Nevertheless, the distinction continues to be drawn at the standard and reporting levels. For example, IFRS 9.5.7.1 states: "A gain or loss on a financial asset or financial liability that is
266:
describes as the "classical definition of income" (the 1938 Haig–Simons definition): "income may be defined as the... sum of (1) the market value of rights exercised in consumption and (2) the change in the value of the store of property rights..." Since the consumption potential of non-monetary
974:
Russell Ecob and George Davey Smith found that there is a relationship between income and a number of health measures. Greater household equivalised income is associated with better health indicators such as height, waist–hip ratio, respiratory function, malaise, limiting long-term illness.
970:
A study by a
Professor of Epidemiology Michael G Marmot found argues that there are two ways which could explain a positive correlation between income and health: the ability to afford goods and services necessary for biological survival, and the ability to influence life circumstances.
673:
Taxable income is usually lower than Haig-Simons income. This is because unrealized appreciation (e.g., the increase in the value of stock over the course of a year) is economic income but not taxable income, and because there are many statutory exclusions from taxable income, including
922:
Some scholars have come to the conclusion that material progress and prosperity, as manifested in continuous income growth at both the individual and the national level, provide the indispensable foundation for sustaining any kind of morality. This argument was explicitly given by
278:. According to Barr, "in practice money income as a proportion of total income varies widely and unsystematically. Non-observability of full income prevents a complete characterization of the individual opportunity set, forcing us to use the unreliable yardstick of money income.
822:. Many economists argue that certain amounts of inequality are necessary and desirable but that excessive inequality leads to efficiency problems and social injustice. Thereby necessitating initiatives like the United Nations
294:" is the return accruing for a person, or a nation, derived from the "factors of production": rental income, wages generated by labor, the interest created by capital, and profits from entrepreneurial ventures.
154:
terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law.
850:
working through the factor market and how national income is divided among these factors. For this examination, the
Neoclassical theory of distribution and factor prices is the modern theory to look into.
865:
Basic income models advocate for a regular, and usually unconditional, receipt of money from the public institution. There are mana basic income models, with the most famous being
Universal Basic Income.
799:
Globalization can increase incomes by integrating markets, and allowing individuals greater possibilities of income increases through efficient allocation of resources and expanding existing wealth.
1369:
963:
leads to reductions in disease, improvements in food security and dietary diversity, increases in children's school attendance, decreases in extreme poverty, and higher health care spending.
262:"Full income" refers to the accumulation of both the monetary and the non-monetary consumption-ability of any given entity, such as a person or a household. According to what the economist
708:
measured at fair value shall be recognised in profit or loss ..." while the IASB defined IFRS XBRL taxonomy includes OtherGainsLosses, GainsLossesOnNetMonetaryPosition and similar items.
474:
719:, income "is the maximum amount which can be spent during a period if there is to be an expectation of maintaining intact, the capital value of prospective receipts (in money terms)".
670:
Income is an "undeniable accessions to wealth, clearly realized, and over which the taxpayer has complete dominion." Commentators say that this is a pretty good definition of income.
887:
UBI provides eligible recipients with cash instead of coupons. Instead of households, it is paid to all individuals without requiring means test and regardless of employment status.
559:
518:
960:
220:, the concept may comprise the accumulation of both monetary and non-monetary consumption ability, with the former (monetary) being used as a proxy for total income.
613:
413:
386:
1253:
267:
goods, such as leisure, cannot be measured, monetary income may be thought of as a proxy for full income. As such, however, it is criticized for being unreliable,
1584:"Unconditional cash transfers for reducing poverty and vulnerabilities: effect on use of health services and health outcomes in low- and middle-income countries"
1535:"Unconditional cash transfers for reducing poverty and vulnerabilities: effect on use of health services and health outcomes in low- and middle-income countries"
583:
359:
339:
319:
1323:
Moretti, E. (2004). "Estimating the Social Return to Higher
Education: Evidence from Longitudinal and Repeated Cross-Sectional Data." Journal of Econometrics
1350:
Goldberg, P. K., & Pavcnik, N. (2007). "Distributional effects of globalization in developing countries." Journal of
Economic Literature, 45(1), 39-82.
1359:
Sachs, J. D., & Warner, A. M. (1995). "Economic reform and the process of global integration." Brookings Papers on
Economic Activity, 1995(1), 103.
1377:
880:
Universal Basic Income is a periodic receival of cash given to individuals on universal and unconditional basis. Unlike other programs like the
1157:
1024:
912:
1647:. https://www.health.org.uk/evidence-hub/money-and-resources/income/relationship-between-income-and-healthy-life-expectancy-by-neighbourhood
1341:
Dollar, D., & Kraay, A. (2004). Trade, Growth, and
Poverty. The Economic Journal, 114(493), F22–F49. http://www.jstor.org/stable/3590109
1314:
Card, D. (1999). "The Causal Effect of Education on Earnings." In: Ashenfelter, O. and Card, D. (eds.), Handbook of Labor Economics, Vol. 3.
846:
through factors of production (inputs) and the production function (the ability to turn inputs into outputs). One important note in this is
744:"Non-monetary joy," such as watching a sunset or having sex, simply is not income. Similarly, nonmonetary suffering, such as heartbreak or
1332:
Becker, G. S. (1964). Human Capital: A Theoretical and Empirical Analysis, with Special Reference to Education. Columbia University Press.
716:
1436:
1034:
1014:
1029:
881:
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691:
31:
1759:
619:, is that the quantity demanded of x would increase at the lower price. The analysis can be generalized to more than two goods.
839:
1509:
1407:
1643:
The Health Foundation. (n.d.). Relationship between income and life expectancy by neighbourhood - The Health Foundation. In
891:
policies that can tackle problems raised by the proponents of UBI. These policies include for example negative income tax.
274:
It omits the utility a person may derive from non-monetary income and, on a macroeconomic level, fails to accurately chart
1459:
838:(NNI), measures the total income of individuals, corporations, and government in the economy. For more information see
627:
income. Changing measured income and its relation to consumption over time might be modeled accordingly, such as in the
814:
is the extent to which income is distributed in an uneven manner. It can be measured by various methods, including the
665:
126:
107:
759:
has been increasing steadily in most countries. Many factors contribute to people having a higher income, including
732:
Borrowing or repaying money is not income under any definition, for either the borrower or the lender. Interest and
645:
79:
823:
421:
1187:
Brooks, John R., "The Definitions of Income" (2018). Georgetown Law Faculty Publications and Other Works. 1952.
64:
86:
1447:
523:
482:
991:" Some consider Y as an alternative letter for the phoneme I in languages like Spanish, although Y as the "
679:
1634:. https://www.health.org.uk/evidence-hub/money-and-resources/income/relationship-between-income-and-health
1239:
565:
price of a unit of x as to the number of units given up in y. Second, if the price of x falls for a fixed
860:
628:
93:
1305:
Mincer, J. (1974). Schooling, Experience, and Earnings. New York: National Bureau of Economic Research.
1697:
271:
failing to accurately reflect affluence (and thus the consumption opportunities) of any given agent.
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916:
768:
675:
1437:
https://academic.oup.com/hsw/article-abstract/48/1/7/6917094?redirectedFrom=fulltext&login=false
75:
1630:
The Health Foundation. (n.d.). Relationship between income and health - The Health Foundation. In
1165:
275:
143:
60:
53:
17:
656:
26 U.S. Code § 61 - Gross income defined. There are also some statutory exclusions from income.
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875:
257:
159:
1582:
Pega, Frank; Pabayo, Roman; Benny, Claire; Lee, Eun-Young; Lhachimi, Stefan; Liu, Sze (2022).
150:
opportunity gained by an entity within a specified timeframe, which is generally expressed in
1004:
745:
1533:
Pega, Frank; Liu, Sze; Walter, Stefan; Pabayo, Roman; Saith, Ruhi; Lhachimi, Stefan (2017).
588:
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202:
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Income is conventionally denoted by "Y" in economics. John Hicks used "I" for income, but
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This equation implies two things. First buying one more unit of good x implies buying
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783:(defined as countries with a "developed economy") have higher incomes as opposed to
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989:
after trying both, I believe it is easier to use Y for income and I for investment.
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contributions), and is widely used as a basis to compare the welfare of taxpayers.
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https://academic.oup.com/sw/article-abstract/64/4/321/5576193?login=false
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1049:
775:. Increases in income also tend to lead to people choosing to work fewer
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The theoretical generalization to more than one period is a multi-period
995:" was actually pronounced like the modern German ĂĽ or the phonetic /y/.
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those resulting from investments by owners and distributions to owners.
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908:
235:
nets out expenses: net income equals revenue minus cost of goods sold,
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Throughout history, many have written about the impact of income on
42:
1460:"Universal basic income: Money for nothing or efficient equalizer?"
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236:
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The Oxford Introductions to U.S. Law: Income Tax Law 1st Edition
301:'income' is another name for the "budget constraint", an amount
1659:"The influence of income on health: views of an epidemiologist"
984:
911:
wrote 'For the love of money is a root of all kinds of evil:' (
186:
147:
27:
Wealth gained by a person or company within a given time period
639:
772:
1698:"Income and health: what is the nature of the relationship?"
1095:
Barr, N. (2004). Problems and definition of measurement. In
931:, and has more recently been developed by Harvard economist
182:
992:
682:, gifts, child support, and in-kind government transfers.
181:, income is defined by tax law as a sum that includes any
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then its relative price falls. The usual hypothesis, the
206:
201:, or other form of earnings received in a calendar year.
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223:
For a firm, gross income can be defined as sum of all
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increase in life expectancy for both men and women.”
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to be spent on different goods x and y in quantities
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1402:(9th ed.). Macmillan Learning. pp. 47–80.
1532:
1202:"Conceptual Framework for Financial Reporting 2018"
1189:
https://scholarship.law.georgetown.edu/facpub/1952/
1146:. Upper Saddle River, NJ: Pearson Education. p. 54.
67:. Unsourced material may be challenged and removed.
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1099:. New York: Oxford University Press. pp. 121–124
834:National income, measured by statistics such as
1695:
659:
158:An extremely important definition of income is
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767:and favorable political circumstances such as
251:
1025:List of countries by GNI (nominal) per capita
1696:Ecob, Russell; Davey Smith, George (1999).
640:Definitions under the Internal Revenue Code
469:{\displaystyle Y=P_{x}\cdot x+P_{y}\cdot y}
1035:List of countries by GNI per capita growth
1015:Disposable household and per capita income
1607:
1558:
1501:The moral consequences of economic growth
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1030:List of countries by GNI (PPP) per capita
937:The Moral Consequences of Economic Growth
869:
685:
127:Learn how and when to remove this message
1497:
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698:International Accounting Standards Board
692:Income (United States legal definitions)
205:is often defined as gross income minus
32:Income (United States legal definitions)
1760:New Palgrave: A Dictionary of Economics
1588:Cochrane Database of Systematic Reviews
1539:Cochrane Database of Systematic Reviews
959:found that income given in the form of
246:
14:
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840:Measures of national income and output
554:{\displaystyle {\frac {P_{x}}{P_{y}}}}
513:{\displaystyle {\frac {P_{x}}{P_{y}}}}
209:and other deductions (e.g., mandatory
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796:and by extension to economic growth.
791:Factors contributing to higher income
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1398:MANKIW, N. GREGORY (22 May 2015).
829:
666:Commissioner v. Glenshaw Glass Co.
415:. The basic equation for this is
25:
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1164:. WebFinance, Inc. Archived from
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164:Consumption + Change in net worth
30:For the concept in U.S. law, see
1756:D. Usher (1987). "real income",
1142:Case, K. & Fair, R. (2007).
751:
646:Internal Revenue Code section 61
281:
41:
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1504:. New York, NY: Vintage Books.
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895:Income in philosophy and ethics
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824:Sustainable Development Goal 10
787:tending to have lower incomes.
52:needs additional citations for
1600:10.1002/14651858.CD011135.pub3
1551:10.1002/14651858.CD011135.pub2
1476:The theory of moral sentiments
1246:
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1097:Economics of the welfare state
826:aimed at reducing inequality.
13:
1:
1714:10.1016/S0277-9536(98)00385-2
1702:Social Science & Medicine
1498:Friedman, Benjamin M (2006).
1075:
961:unconditional cash transfers
660:Definition under US Case law
7:
998:
861:List of basic income models
629:permanent income hypothesis
520:less units of good y. So,
252:Full and Haig–Simons income
10:
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1132:. Oxford University Press.
1128:McCaffery, Edward (2012).
978:
929:Theory of Moral Sentiments
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162:, which defines income as
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1020:Guaranteed minimum income
1657:Marmot, Michael (2002).
1763:, v. 4, pp. 104–5.
1675:10.1377/hlthaff.21.2.31
1144:Principles of Economics
987:wrote to him in 1937, "
727:
717:John Hicks' definitions
243:, interest, and taxes.
177:and individuals in the
1162:BusinessDictionary.com
1065:Universal basic income
957:Cochrane Collaboration
876:Universal basic income
870:Universal Basic Income
686:Accounting definitions
676:workman's compensation
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608:{\displaystyle P_{y},}
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1645:The Health Foundation
1632:The Health Foundation
1479:. Oxford: Clarendon.
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408:{\displaystyle P_{y}}
383:
381:{\displaystyle P_{x}}
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1742:. December 21, 2016.
1473:Smith, Adam (2009).
1424:"About basic income"
1294:Gapminder Foundation
1278:Gapminder Foundation
1010:Comprehensive income
785:developing countries
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247:Economic definitions
203:Discretionary income
61:improve this article
1462:. 15 February 2017.
955:researchers in the
848:income distribution
836:net national income
781:Developed countries
734:forgiveness of debt
1740:Greg Mankiw's Blog
1005:Citizen's dividend
953:Harvard University
882:Food Stamp Program
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258:Haig–Simons income
229:cost of goods sold
160:Haig–Simons income
1511:978-1-4000-9571-1
1409:978-1-4641-8289-1
1370:"Goal 10 targets"
1290:"Gapminder World"
1274:"Gapminder World"
949:systematic review
943:Income and health
933:Benjamin Friedman
812:Income inequality
807:Income inequality
757:Income per capita
635:Legal definitions
578:{\displaystyle Y}
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354:{\displaystyle y}
334:{\displaystyle x}
314:{\displaystyle Y}
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59:Please help
54:verification
51:
1070:Unpaid work
1050:Real income
947:A landmark
723:"Nonincome"
144:consumption
1485:1017407319
1384:2020-09-23
1211:2022-06-28
1076:References
1045:Income tax
925:Adam Smith
909:Saint Paul
585:and fixed
361:at prices
233:Net income
227:minus the
175:households
87:newspapers
1259:18 August
761:education
461:⋅
442:⋅
288:economics
197:payment,
168:economics
1771:Category
1736:"Why Y?"
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237:expenses
195:interest
152:monetary
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1172:20 June
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207:taxes
108:JSTOR
94:books
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1565:PMID
1516:OCLC
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1481:OCLC
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1374:UNDP
1261:2016
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388:and
341:and
269:i.e.
199:rent
183:wage
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