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

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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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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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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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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
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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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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 most valuable of all capital is that invested in human beings
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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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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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All labour is directed towards producing some effect.
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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 most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
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Every short statement about economics is misleading (with the possible exception of my present one).
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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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Knowledge is our most powerful engine of production.
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Political Economy or Economics is a study of mankind in the ordinary business of life.
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Capital is that part of wealth which is devoted to obtaining further wealth.
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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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