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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
Time
Goes
Fall
Money
Purchasing
Place
Rises
Change
Finance
Power
Falls
Thing
Price
Every
Changes

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Every short statement about economics is misleading (with the possible exception of my present one).
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Consumption may be regarded as negative production.
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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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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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The love for money is only one among many.
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The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
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Material goods consist of useful material things, and of all rights to hold, or use, or derive benefits from material things, or to receive them at a future time.
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Political Economy or Economics is a study of mankind in the ordinary business of life.
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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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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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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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Knowledge is our most powerful engine of production.
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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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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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The most valuable of all capital is that invested in human beings
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Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
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Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
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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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Civilized countries generally adopt gold or silver or both as money.
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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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