James Leroy Wilson's blog

Tuesday, January 18, 2011

What is "Income?"

Check out my latest at The Partial Observer. Excerpt:
A lot of what we call "income" today, however, isn't really income at all.

Think of a superstar baseball player earning $20 million per year in salary. People say, "he makes a good income."

But it isn't income.

It's a salary. The player received the $20 million in exchange for playing baseball.

It was an even trade between the team owner and the player.

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