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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.

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
Whether
Economics
Upper
Wells
Piece
Blades
Might
Demand
Governed
Well
Paper
Disputes
Cutting
Cuts
Scissors
Value
Pair
Dispute
Pieces
Supply
Reasonably
Values
Pairs
Blade

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Consumption may be regarded as negative production.
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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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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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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
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Every short statement about economics is misleading (with the possible exception of my present one).
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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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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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The love for money is only one among many.
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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 most valuable of all capital is that invested in human beings
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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.
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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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Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
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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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All labour is directed towards producing some effect.
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Civilized countries generally adopt gold or silver or both as money.
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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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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 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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Political Economy or Economics is a study of mankind in the ordinary business of life.
Alfred Marshall