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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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Alfred Marshall
Age: 82 †
Born: 1842
Born: January 1
Died: 1924
Died: January 1
Economist
Philosopher
University Teacher
Bermondsey
Surrey
Common
Latter
Less
Luxury
Necessaries
Character
Satisfied
Luxuries
Firsts
Including
Comforts
First
Comfort
Consist
Must
Meet
Distinguish
Things
Wants
Urgent
Class
Required
More quotes by Alfred Marshall
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 most valuable of all capital is that invested in human beings
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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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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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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 love for money is only one among many.
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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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Knowledge is our most powerful engine of production.
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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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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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The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
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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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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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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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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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Every short statement about economics is misleading (with the possible exception of my present one).
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Civilized countries generally adopt gold or silver or both as money.
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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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Political Economy or Economics is a study of mankind in the ordinary business of life.
Alfred Marshall
