Spencer Heath Archive

Item 1892

Typed fragment

1957?

     To conclude, then:  The true national income of any market economy is the total of new services and goods for which the market itself has issued its numerical credit or money tokens (such as new or additional bank balances). These tokens represent the market’s appraisement of all contributions received during the period and its pledge to return to the token holders, equal services and goods simi­larly appraised. The market is, in effect, a vast economic bank that receives deposits only in services and goods and issues paper credits to its depositors wherewith equivalent goods and services may be withdrawn by or upon the order of those from whom it has received.

    Liquidation of these tokens is called spending of the national income. If the entire national income is spent for goods and services that are consumed or destroyed either by or upon the order of its recipients .. . .

                                      (uncompleted)