Editing Income (section)

===Full and Haig–Simons income===
{{Main article|Haig–Simons income}}
"Full income" refers to the accumulation of both the monetary and the non-monetary consumption-ability of any given entity, such as a person or a household. According to what the economist [[Nicholas Barr]] describes as the "classical definition of income" (the 1938 Haig–Simons definition): "income may be defined as the... sum of (1) the market value of rights exercised in consumption and (2) the change in the value of the store of property rights..." Since the consumption potential of non-monetary goods, such as leisure, cannot be measured, monetary income may be thought of as a proxy for full income.<ref name="Barr"/> As such, however, it is criticized{{by whom|date=July 2015}} for being unreliable, ''i.e.'' failing to accurately reflect affluence (and thus the consumption opportunities) of any given agent. 

It omits the utility a person may derive from non-monetary income and, on a macroeconomic level, fails to accurately chart [[Social welfare function|social welfare]]. According to Barr, "in practice money income as a proportion of total income varies widely and unsystematically. Non-observability of full income prevents a complete characterization of the individual opportunity set, forcing us to use the unreliable yardstick of money income.