What question did this study set out to answer?

To clarify the various definitions and concepts of income in economic discourse.

Income and Its Measurement.

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Analysis of income concepts reveals varied definitions and implications for economic activity.

To clarify the various definitions and concepts of income in economic discourse.
Review of literature defining income in economics
Comparison of differing definitions by leading authorities
Analysis of net individual income concept
Examination of income as a flow of wealth over time
Income is defined diversely, including gains from capital and labor.
Net individual income accounts for costs of acquisition.
Broad definitions include all wealth flowing to taxpayers beyond capital returns.

William T. Crandell (1935) studied this question.

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