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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.

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
Human
Reckoned
Humans
Indirectly
Things
Satisfy
Desirable
Consists
Directly
Wealth
Wants

More quotes by Alfred Marshall

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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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The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
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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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Consumption may be regarded as negative production.
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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 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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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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Capital is that part of wealth which is devoted to obtaining further wealth.
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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 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 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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Every short statement about economics is misleading (with the possible exception of my present one).
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The most valuable of all capital is that invested in human beings
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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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Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
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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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All labour is directed towards producing some effect.
Alfred Marshall
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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.
Alfred Marshall
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Political Economy or Economics is a study of mankind in the ordinary business of life.
Alfred Marshall