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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
Consists
Directly
Wealth
Wants
Human
Reckoned
Humans
Indirectly
Things
Satisfy
Desirable

More quotes by Alfred Marshall

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Consumption may be regarded as negative production.
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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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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
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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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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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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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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 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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The love for money is only one among many.
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Knowledge is our most powerful engine of production.
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Civilized countries generally adopt gold or silver or both as money.
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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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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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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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Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
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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 most valuable of all capital is that invested in human beings
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Capital is that part of wealth which is devoted to obtaining further wealth.
Alfred Marshall
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Political Economy or Economics is a study of mankind in the ordinary business of life.
Alfred Marshall
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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.
Alfred Marshall