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

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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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All labour is directed towards producing some effect.
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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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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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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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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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Capital is that part of wealth which is devoted to obtaining further wealth.
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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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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.
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The love for money is only one among many.
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The most valuable of all capital is that invested in human beings
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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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The commercial storm leaves its path strewn with ruin. When it is over there is calm, but a dull, heavy calm.
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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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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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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 reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
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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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Knowledge is our most powerful engine of production.
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