the vested interests and the common man-第15章
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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 l
