Alfred Marshall
Alfred Marshall
Alfred Marshallwas one of the most influential economists of his time. His book, Principles of Economics, was the dominant economic textbook in England for many years. It brings the ideas of supply and demand, marginal utility, and costs of production into a coherent whole. He is known as one of the founders of neoclassical economics...
NationalityEnglish
ProfessionEconomist
Date of Birth26 July 1842
use may want
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.
rights law wealth
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.
rights use benefits
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.
ignorance class support
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.
effects labour
All labour is directed towards producing some effect.
differences degrees kind
Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
negative may consumption
Consumption may be regarded as negative production.
character way income
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.
land names producers
Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
slavery slave ordinances
Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.
want wealth humans
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.
education economics exception
Every short statement about economics is misleading (with the possible exception of my present one).
storm dull ruins
The commercial storm leaves its path strewn with ruin. When it is over there is calm, but a dull, heavy calm.
cutting pieces paper
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.