Georg von Schanz
Encyclopedia
Georg von Schanz was a German legal scholar. He originally developed a definition of income
, now known as Haig-Simons income.
Income
Income is the consumption and savings opportunity gained by an entity within a specified time frame, which is generally expressed in monetary terms. However, for households and individuals, "income is the sum of all the wages, salaries, profits, interests payments, rents and other forms of earnings...
, now known as Haig-Simons income.