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The price of every thing rises and falls from time to time and place to place and with every such change the purchasing power of money changes so far as that thing goes.

Alfred Marshall

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Alfred Marshall
Age: 82 †
Born: 1842
Born: January 1
Died: 1924
Died: January 1
Economist
Philosopher
University Teacher
Bermondsey
Surrey
Money
Purchasing
Place
Rises
Change
Finance
Power
Falls
Thing
Price
Every
Changes
Time
Goes
Fall

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We might as well reasonably dispute whether it is the upper or the under blade of a pair of scissors that cuts a piece of paper, as whether value is governed by demand or supply.
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Every short statement about economics is misleading (with the possible exception of my present one).
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All wealth consists of desirable things that is, things which satisfy human wants directly or indirectly: but not all desirable things are reckoned as wealth.
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The hope that poverty and ignorance may gradually be extinguished derives indeed much support from the steady progress of the working classes during the 19th century.
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Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.
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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
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Political Economy or Economics is a study of mankind in the ordinary business of life.
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Civilized countries generally adopt gold or silver or both as money.
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Though a simple book can be written on selected topics, the central doctrines of economics are not simple and cannot be made so.
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It is common to distinguish necessaries, comforts, and luxuries the first class including all things required to meet wants which must be satisfied, while the latter consist of things that meet wants of a less urgent character.
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The most valuable of all capital is that invested in human beings
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Knowledge is our most powerful engine of production.
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Nature's action is complex: and nothing is gained in the long run by pretending that it is simple, and trying to describe it in a series of elementary propositions.
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Capital is that part of wealth which is devoted to obtaining further wealth.
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In the absence of any short term in common use to represent all desirable things, or things that satisfy human wants, we may use the term Goods for that purpose.
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And very often the influence exerted on a person's character by the amount of his income is hardly less, if it is less, than that exerted by the way in which it is earned.
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In every age poets and social reformers have tried to stimulate the people of their own time to a nobler life by enchanting stories of the virtues of the heroes of old.
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But if inventions have increased man's power over nature very much, then the real value of money is better measured for some purposes in labour than in commodities.
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Consumption may be regarded as negative production.
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Individual and national rights to wealth rest on the basis of civil and international law, or at least of custom that has the force of law.
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