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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.
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
Much
Century
Gradually
Philosophy
Classes
Support
Steady
Class
Economics
Working
Indeed
Hope
Ignorance
Political
Poverty
Derives
May
Progress
Extinguished
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Every short statement about economics is misleading (with the possible exception of my present one).
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Political Economy or Economics is a study of mankind in the ordinary business of life.
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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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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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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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Consumption may be regarded as negative production.
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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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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 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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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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Civilized countries generally adopt gold or silver or both as money.
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Capital is that part of wealth which is devoted to obtaining further wealth.
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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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