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The Most Reckless And Treacherous Of All Theorists Is He Who Professes To Let Facts And Figures Speak For Themselves.

-Alfred Marshall

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The Most Reckless And

Alfred Marshall

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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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The Commercial Storm Leaves Its Path Strewn With Ruin. When It Is Over There Is Calm, But A Dull, Heavy Calm.

All Labour Is Directed Towards Producing Some Effect.

The Most Valuable Of All Capital Is That Invested In Human Beings

Knowledge Is Our Most Powerful Engine Of Production.

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.

Producer's Surplus Is A Convenient Name For The Genus Of Which The Rent Of Land Is The Leading Species.

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.

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.

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.

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.

The Most Reckless And Treacherous Of All Theorists Is He Who Professes To Let Facts And Figures Speak For Themselves.

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.

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.

In Common Use Almost Every Word Has Many Shades Of Meaning, And Therefore Needs To Be Interpreted By The Context.

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.

Purchasing Power

I Admit That These Terms And The Diagrams Connected With Them Repel Some Readers, And Fill Others With The Vain Imagination That They Have Mastered Difficult Economics Problems, When Really They Have Done Little More Than Learn The Language In Which Parts Of Those Problems Can Be Expressed, And The Machinery By Which They Can Be Handled. When The Actual Conditions Of Particular Problems Have Not Been Studied, Such Knowledge Is Little Better Than A Derrick For Sinking Oil-wells Erected Where There Are No Oil-bearing Strata.

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.

Again, Most Of The Chief Distinctions Marked By Economic Terms Are Differences Not Of Kind But Of Degree.

Every Short Statement About Economics Is Misleading (with The Possible Exception Of My Present One).

Though A Simple Book Can Be Written On Selected Topics, The Central Doctrines Of Economics Are Not Simple And Cannot Be Made So.

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.

Consumption May Be Regarded As Negative Production.

The Love For Money Is Only One Among Many.

Political Economy Or Economics Is A Study Of Mankind In The Ordinary Business Of Life.

Capital Is That Part Of Wealth Which Is Devoted To Obtaining Further Wealth.

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.

Civilized Countries Generally Adopt Gold Or Silver Or Both As Money.

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.

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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