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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

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Alfred Marshall
Age: 82 †
Born: 1842
Born: January 1
Died: 1924
Died: January 1
Economist
Philosopher
University Teacher
Bermondsey
Surrey
Often
Character
Exerted
Persons
Earned
Person
Hardly
Way
Income
Amount
Influence
Less

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Knowledge is our most powerful engine of production.
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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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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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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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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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Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
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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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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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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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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
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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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All labour is directed towards producing some effect.
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Capital is that part of wealth which is devoted to obtaining further wealth.
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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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Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
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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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Political Economy or Economics is a study of mankind in the ordinary business of life.
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