The alternative to the Haig-Simons definition of income is:

The alternative to the Haig-Simons definition of income is the Economic Benefit Definition. The Haig-Simons definition posits that income should be measured as an individual's consumption plus changes in their net worth, providing a comprehensive view of what constitutes income.

In contrast, the Economic Benefit Definition looks at income through the lens of economic benefits received, emphasizing tangible benefits realized by an individual or entity. This definition is focused on the capacity to consume or use, rather than the broader measurement of wealth accumulation or consumption. It underscores the role of economic benefits in defining income, thereby offering a potentially narrower interpretation than the Haig-Simons perspective.

Options like the Income Tax Definition, Noncash Benefit Definition, and Asset Management Definition do not provide a holistic alternative to Haig-Simons. For instance, the Income Tax Definition typically pertains to the legal definition of income as established for tax purposes rather than an economic perspective. The Noncash Benefit Definition focuses on benefits received that are not in cash form, and the Asset Management Definition relates to strategies for managing financial resources rather than defining income itself. Therefore, the Economic Benefit Definition stands out as the most fitting alternative.