Ends Quote by Sir John Richard Hicks
“We ought to define a man's income as the maximum value which he can consume during a week, and still expect to be as well off at the end of the week as he was at the beginning.”
About This Quote
Source Book: Value Theory and Capital, 1939
Income should be measured by what can be consumed while maintaining the same wealth level week after week.
In simple terms: Consume without losing wealth.
Key Takeaway
Spend within sustainable limits.
Themes
economics
wealth
consumption
Mood
analytical
pragmatic
Type
theoretical
advice
When to use this quote
- personal budgeting
- financial planning
- policy design
Key Concepts
intertemporal choice
utility
budgeting
Questions to Reflect On
- How do you define a sustainable consumption level?
- What risks arise from over‑consumption?
A Different Perspective
Sustainable consumption may ignore future uncertainties.
