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
commonly complex differ differs economic elements indicate land learning modern relation rent science widely
The modern developments of economic science in relation to rent indicate progress. For we are learning that what is commonly called the rent of land is really a very complex thing made up of many elements, some of which differ more widely from one another than it, as a whole, differs from profits, or than some elements of it differ from wages.
effects labour
All labour is directed towards producing some effect.
negative may consumption
Consumption may be regarded as negative production.
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.
oil imagination done
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.