ng of new ones to
replace those which are worn out, and in this way we get a
conception of _permanent consumers' wealth_. The flow of
finished goods from the shops to the users offsetting the
concurrent destruction of such articles in the users' hands,
has the effect of maintaining a permanent fund of consumers'
wealth consisting of perishable goods the identity of which
is always changing; and this fund is analogous to permanent
capital as we have defined it. Professor C. A. Tuttle has
advocated the use of the generic term _wealth_ to denote the
two continuing funds which we have here termed, on the one
hand, capital, and, on the other hand, the permanent stock of
consumers' wealth. We have preferred to use the term _wealth_
in a sense that is generic enough to include both capital and
capital goods, and both the permanent stock of consumers'
goods and the particular articles that, in turn, compose it.
Wealth consists of effectively useful concrete things
regarded either as particular articles that can be identified
and watched till they perish in the using, or as an abiding
stock of articles of this genus, each one of which has in
itself only a transient existence. See an article on "The
Wealth Concept," by Professor Charles A. Tuttle, in the
_Annals of the American Academy of Political and Social
Science_, for April, 1891, and other articles by the same
author.

_Labor as a Permanent Entity._--The term _labor_ is sometimes used to
describe a permanent aggregation of laborers no one of whom lives and
works through more than a brief period. Labor is thus analogous to
capital and laborers to capital goods. A permanent working force is
composed of perishable beings as a permanent producing fund is
composed of perishable goods. Both are commonly described by the use
of abstract terms, but both are in reality concrete things; and
actually to reduce either to a mere abstraction would be to put a
material entity out of existence. We instinctively speak of a value--a
given number of dollars--in describing a man's capital, but it is
dollars "invested in" productive instruments; and we instinctively
speak of labor when we mean an abiding force of workingmen. Neither
capital nor labor is like an immaterial soul that can live apart from
its body. Each consists of a permanent body with a shifting
composition. A permanent sum, on the