the vested interests and the common man-第11章

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virtue　of　his　ownership；　because　he　is　likely　to　be　fully　
occupied　with　other　things；　　such　things　as　lucrative　business　
transactions；　e。g。；　or　the　decent　consumption　of　superfluities。　
　　　　And　at　this　point　the　difference　between　tangible　assets　and　
intangible　comes　in　sight；　or　at　least　the　ground　of　the　habitual　
distinction　between　the　two。　Tangible　assets；　it　appears；　are　
such　assets　as　represent　the　earning…capacity　of　any　mechanically　
productive　property；　whereas　intangible　assets　represent　assured　
income　which　can　not　be　assigned　to　any　specific　material　factor　
as　its　productive　source。　Intangible　assets　are　the　capitalised　
value　of　income　not　otherwise　accounted　for。　Such　income　arises　
out　of　business　relations　rather　than　out　of　industry；　it　is　
derived　from　advantages　of　salesmanship；　rather　than　from　
productive　work；　it　represents　no　contribution　to　the　output　of　
goods　and　services；　but　only　an　effectual　claim　to　a　share　in　the　
〃annual　dividend；〃　　on　grounds　which　appear　to　be　legally　
honest；　but　which　can　not　be　stated　in　terms　of　mechanical　cause　
and　effect；　or　of　productive　efficiency；　or　indeed　in　any　terms　
that　involve　notions　of　physical　dimensions　or　of　mechanical　
action。　
　　　　When　the　theoreticians　explain　and　justify　these　returns　that　
go　to　adroit　salesmanship；　or　〃managerial　ability；〃　as　it　is　also　
called；　it　invariably　turns　but　that　the　grounds　assigned　for　it　
are　of　the　nature　of　figures　of　speech　　metaphor　or　analogy。　
Not　that　these　standard　theoretical　explanations　are　to　be　set　
aside　as　faulty；　inadequate　or　incomplete；　their　great　volume　and　
sincerity　forbids　that。　It　is　rather　that　they　are　to　be　accepted　
as　a　faithful　account　of　an　insubstantial　fact　in　insubstantial　
terms。　And　they　are　probably　as　good　an　account　of　the　equitable　
distribution　of　free　income　as　the　principles　of　the　modern　point　
of　view　will　tolerate。　
　　　　But　while　intangible　assets　represent　income　which　accrues　
out　of　certain　immaterial　relations　between　their　owners　and　the　
industrial　system；　and　while　this　income　is　accordingly　not　a　
return　for　mechanically　productive　work　done；　it　still　remains　
true；　of　course；　that　such　income　is　drawn　from　the　annual　
product　of　industry；　and　that　its　productive　source　is　therefore　
the　same　as　that　of　the　returns　on　tangible　assets。　The　material　
source　of　both　is　the　same；　and　it　is　only　that　the　basis　on　
which　the　income　is　claimed　is　not　the　same　for　both。　It　is　not　a　
difference　in　respect　of　the　ways　and　means　by　which　they　are　
created；　but　only　in　respect　of　the　ways　and　means　by　which　these　
two　classes　of　income　are　intercepted　and　secured　by　the　
beneficiaries　to　whom　they　accrue。　The　returns　on　tangible　assets　
are　assumed　to　be　a　return　for　the　productive　use　of　the　plant；　
returns　on　intangible　assets　are　a　return　for　the　exercise　of　
certain　immaterial　relations　involved　in　the　ownership　and　
control　of　industry　and　trade。　
　
　　　　Best　known　by　name　among　intangible　assets　is　the　ancient　
rubric　of　〃good…will；〃　technically　so　called；　which　has　stood　
over　from　before　the　coming　of　the　new　order　in　business　
enterprise。　This　has　long　been　considered　the　original　type…form　
of　intangible　assets　as　a　class。　By　ancient　usage　the　term　
denotes　a　customary　preferential　advantage　in　trade；　it　is　not　
designed　to　describe　a　body　of　benevolent　sentiments。　Good…will　
has　long　been　known；　discussed　and　allowed　for　as　a　legitimate；　
ordinary　and　valuable　immaterial　possession　of　men　engaged　in　
mercantile　enterprise　of　all　kinds。　It　has　been　held　to　be　a　
product　of　exemplary　courtesy　and　fair　dealing　with　customers；　
due　to　turning　out　goods　or　services　of　an　invariably　sound　
quality　and　honest　measure；　and　indeed　due　to　the　conspicuous　
practice　of　the　ordinary　Christian　virtues；　but　chiefly　to　common　
honesty。　Similarly　valuable；　and　of　a　similarly　immaterial　
nature；　is　the　possession　of　a　trade…secret；　a　trade…mark；　a　
patent…right；　a　franchise；　any　statutory　monopoly；　or　a　monopoly　
secured　by　effectually　cornering　the　supply　or　the　market　for　any　
given　line　of　goods　or　services。　From　any　one　of　these　a　
profitable　advantage　may　be　derived；　and　they　have　therefore　a　
market　value。　They　afford　their　possessor　a　preferential　gain；　as　
against　his　competitors　or　as　against　the　general　body　of　
customers　which　the　state　of　the　industrial　arts　and　the　
organisation　of　business　throws　in　his　way。　After　the　analogy　of　
good…will；　it　has　been　usual　to　trace　any　such　special　run　of　
free　income　to　the　profitable　use　of　a　special　advantage　in　the　
market；　which　is　then　appraised　as　a　valuable　means　of　gain　and　
comes　to　figure　as　an　asset　of　its　possessor。　But　all　this　goes　
to　explain　how　these　benefits　go　to　these　beneficiaries；　it　does　
not　account　for　the　fact　that　there　is　produced　a　net　output　of　
product　available　for　free　distribution　to　these　persons。　
　　　　These　supernumerary　and　preferential　gains；　〃excess　profits；〃　
or　whatever　words　may　best　describe　this　class　of　free　income；　
may　be　well　deserved　by　these　beneficiaries；　or　they　may　not。　The　
income　in　question　is；　in　any　case；　not　created　by　the　good　
deserts　of　the　beneficiaries；　however　meritorious　their　conduct　
may　be。　Honesty　may　conceivably　be　the　best　policy　in　mercantile　
pursuits；　and　it　may　also　greatly　serve　the　convenience　of　any　
community　in　which　an　honest　merchant　is　found；　yet　honest　
dealing；　strictly　speaking；　is　an　agency　of　conservation　rather　
than　of　creation。　A　trade…secret　may　also　be　profitable　to　the　
concern　which　has　the　use　of　it；　and　the　special　process　which　it　
covers　may　be　especially　productive；　but　the　same　article　of　
technological　knowledge　would　doubtless　contribute　more　to　the　
total　productivity　of　industry　if　it　were　shared　freely　by　the　
industrial　community　at　large。　Such　technological　knowledge　is　an　
agency　of　production；　but　it　is　the　monopoly　of　it　that　is　
profitable　to　its　possessor　as　a　special　source　of　gain。　The　like　
applies　to　patent…rights；　of　course。　Whereas　monopolies　of　the　
usual　kind；　which　control　any　given　line　of　industry　by　charter；　
conspiracy；　or　combination　of　ownership；　derive　their　special　
gains　from　their　ability　to　restrain　trade；　limit　the　output　of　
goods　or　services；　and　so　〃maintain　prices。〃　
　　　　Intangible　assets　of　this　familiar　kind　are　very　common　among　
the　business　concerns　of　the　new　order；　particularly　among　the　
larger　and　more　prosperous　of　them；　and　they　afford　a　rough　
measure　of　the　ability　of　these　concerns　profitably　to　restrict　
production。　The　very　large　aggregate　value　of　such　assets　
indicates　how　imperative　it　is　for　the　conduct　of　industrial　
business　under　the　new　order　to　restrict　output　within　reasonable　
limits；　and　at　the　same　time　how　profitable　it　is　to　be　able　to　
prevent　the　excessively　high　productive　capacity　of　modern　
industry　from　outrunning　the　needs　of　profitable　business。　For　
the　prosperity　of　business　it　is　necessary　to　keep　the　output　
within　reasonable　limits；　that　is　to　say；　within　such　limits　as　
will　serve　to　maintain　reasonably　profitable　prices；　that　is　to　
say；　such　prices　as　will　yield　the　largest　obtainable　net　return　
to　the　concerns　engaged　in　the　business。　In　this　connection；　and　
under　the　existing　conditions　of　investment　and　credit；　
〃reasonable　returns〃　means　the　same　thing　as　〃the　largest　
practicable　net　returns。〃　It　all　foots　up　to　an　application　of　
the　familiar　principle　of　〃charging　what　the　traffic　will　bear〃；　
for　in　the　matter　of　profitable　business　there　is　no　reasonable　
limit　short　of　the　maximum。　In　business；　the　best　price　is　always　
good　enough；　but；　so　also；　nothing　short　of　the　best　price　is　
good　enough。　Buy　cheap　and　sell　dear。　
　　　　Intangibles　of　this　kind；　which　represent　a　〃conscientious　
withdrawal　of　efficiency；〃　an　effectual　control　of　the　rate　or　
volume　of　output；　are　altogether　the　most　common　of　immaterial　
assets；　and　they　make　up　altogether　the　largest　class　of　
intangibles　and　the　most　considerable　body　of　immaterial　wealth　
owned。　Land　values　are　of　much　the　same　nature　as　these　corporate　
assets　which　represent　capitalised　restriction　of　output；　in　that　
the　land　values；　too；　rest　mostly　on　the　owner's　ability　to　
withhold　his　property　from　productive　use；　and　so　to　drive　a　
profitable　bargain。　Rent　is　also　a　case　of　charging　what　the　
traffic　will　bear；　and　rental　values　should　properly　be　classed　
with　these　intangible　assets　of　the　larger　corporations；　which　
are　due　to　their　effectual　control　of　the　rate　and　volume　of　
production。　And　apart　from　the　rental　values　of　land；　which　are　
also　in　the　nature　of　monopoly　values；　it　is　doubtful　if　the　
total　material　wealth　in　any　of　the　civilised　countries　will　
nearly　equal　the　total　amount　of　this　immaterial　wealth　that　is　
owned　by　the　country's　business　men　and　the　investors　for　whom　
they　do　business。　Which　evidently　comes　to　much　the　same　as　
saying　that　something　more　than　one…half　of　the　net　product　of　
the　country's　industry　goes　to　those　persons　in　whom　the　existing　
state　of　law　and　custom　vests　a　plenary　power　to　hinder　
production。　
　　　　It　is　doubtful　if　the　total　of　this　immaterial　wealth　exceeds　
the　total　material　wealth　in　the　advanced　industrial　countries；　
although　it　is　at　least　highly　probable　that　such　is　the　case；　
particularly　in　the　richer　and　more　enlightened　of　these　
countries；　as；　e。　g。；　in　America　or　the　United　Kingdom；　where　the　
principles　of　self…help　and　free　bargain　have　consistently　had　
the　benefit　of　a　liberal　　that　is　a　broad　　construction　and　
an　unbending　application。　The　evidence　in　the　case　is　not　to　be　
had　in　such　unambiguous　shape　as　to　carry　conviction；　for　the　
distinction　between　tangible　assets　and　intangible　is　not　
consistently　maintained　or　made　a　matter　of　record。　So；　e。g。；　it　
is　not　unusual　to　find　that　corporation　bonds　　railroad　or　
industrial　　which　secure　their　owner　a　free　income　and　are　
carried　as　an　overhead　charge　by　the　corporation；　are　at　the　same　
time　a　lien　on　the　corporation's　real　property；　which　in　turn　is　
likely　to　be　of　less　value　than　the　corporation's　total　
liabilities。　Evidently　the　case　is　sufficiently　confusing；　
considered　as　a　problem　in　the　economic　theory　of　capital；　but　it　
offers　no　particular　difficulty　when　considered　as　a　proposition　
in　corporation　finance。　
　　　　There　is　another　curious　question　that　will　also　have　to　be　
left　as　a　moot　question；　in　the　absence　of　more　specific　
information　than　that　which　is　yet　available；　more　a　question　of　
idle　curiosity；　perhaps；　than　of　substantial　consequence。　How　
nearly　is　it　likely　that　the　total　gains　which　accrue　to　these　
prosperous　business　concerns　and　their　investors　from　their　
conscientious　withdrawal　of　efficiency　will　equal　the　total　loss　
suffered　by　the　community　as　a　whole　from　the　incidental　
reduction　of　the　output？　Net　production　is　kept　down　in　order　to　
get　a　profitable　price　for　the　output；　but　it　is　not　certain　
whether　the　net　production　has　to　be　lowered　by　as　much　or　more　
than　the　resulting　increased　gain　which　this　businesslike　
strategy　brings　to　the　businesslike　str