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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.

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
Power
Purposes
Better
Labour
Real
Invention
Much
Value
Commodities
Men
Purpose
Inventions
Values
Increased
Money
Measured
Nature
Commodity

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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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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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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 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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Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
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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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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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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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Political Economy or Economics is a study of mankind in the ordinary business of life.
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The love for money is only one among many.
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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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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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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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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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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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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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