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In common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.

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
Almost
Word
Common
Interpreted
Use
Shades
Many
Context
Needs
Shade
Every
Therefore
Meaning

More quotes by Alfred Marshall

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Knowledge is our most powerful engine of production.
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.
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
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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.
Alfred Marshall
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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.
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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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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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.
Alfred Marshall
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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.
Alfred Marshall
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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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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.
Alfred Marshall
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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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Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
Alfred Marshall
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The love for money is only one among many.
Alfred Marshall
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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.
Alfred Marshall
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All labour is directed towards producing some effect.
Alfred Marshall
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Capital is that part of wealth which is devoted to obtaining further wealth.
Alfred Marshall
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Consumption may be regarded as negative production.
Alfred Marshall
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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.
Alfred Marshall
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Every short statement about economics is misleading (with the possible exception of my present one).
Alfred Marshall