A large sample of evolved carbon-rich and oxygen-rich objects has been studied using data from the IRAS Point Source Catalog. The number density of infrared-emitting carbon stars shows no variation with Galactocentric radius, while the evolved oxygen star volume density can be well fitted by a given law. A law is given for the number of carbon stars; a total is found in the Galaxy of 48,000 highly evolved oxygen stars. The mass-return rate for all evolved stars is found to be 0.35 solar mass/yr, with a small percentage contribution from carbon stars. The mass-loss rates for both types of stars are dominated by the small number of objects with the smallest rates. A mean lifetime of about 200,000 yr is obtained for both carbon and oxygen stars. Main-sequence stars in the mass range of three to five solar masses are the probable precursors of the carbon stars. 53 references.