Definitions [3]
Classical Definitions: National Income
- "The labour and capital of a country acting on its natural resources produce annually a certain net aggregate of commodities, material and immaterial, including services of all kinds. This is the true net annual income or revenue of the country or national dividend." - Marshall
- "National income is that part of the objective income of the community, including of course income derived from abroad, which can be measured in money." - Pigou
- "The national dividend or income consists solely of services as received by ultimate consumers, whether from their material or from their human environments. Thus, a piano or an overcoat made for me this year is not a part of this year's income, but an addition to capital. Only the services rendered to me during this year by these things are income." - Fisher
Modern Definitions: National Income
- "National income estimate measures the value of commodities and services turned out during a given period, counted without duplication." - N.I.C. of India
- "National income is the sum of wages, rent, interest and profit or the sum of all goods and services produced by the economy during one income period." - Shapiro
Definition: Gross Domestic Product at Market Price
"Gross domestic product at market price is defined as the market value of the output of final goods and services produced in the domestic territory of a country during an accounting year." – Dernburg
