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CHAPTER

Within the category of property, again, many economists, as we have seen, have drawn a sharp distinction between land and capital, that is to say, between those useful material objects which are provided by nature and those which are fashioned by man. But it has already been argued that in the traditional theory of distribution too much stress was laid upon this distinction. To speak of land, labour and capital as " three co··

Though sometimes associated with work, as, for instance, with the work of business men and inventors, uncertainty-bearing is in practice most often associated with waiting in the provision of capital. Analytically, however, it is quite distinct both from work and from waiting. 3 The conception of uncertainty-bearing is essential to a true understanding of certain economic problems, but here so ultimate an analysis of capital is not required. Nor, for the most part, will it be necessary to distinguish capital from land. We can reach general conclusions concerning the aggregate income from property similar to those concerning the aggregate income from work.