26+ Alfred Marshall Quotes On Education, Economics And Government

Alfred Marshall was an English economist who is best known for his work on supply and demand, which he published in his book, "Principles of Economics". He is also credited with introducing the concept of marginal utility and for his work in developing the theory of consumer demand. Marshall's work had a major impact on the development of modern economics and is still studied today. Following is our collection on famous quotes by Alfred Marshall on education, economics, government.

Top 10 Alfred Marshall Quotes

1. The most valuable of all capital is that invested in human beings
2. Political Economy or Economics is a study of mankind in the ordinary business of life.
3. The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.
4. 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.
5. Consumption may be regarded as negative production.
6. 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.
7. 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.
8. Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.
9. Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.
10. 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 Short Quotes

• All labour is directed towards producing some effect.
• Capital is that part of wealth which is devoted to obtaining further wealth.
• Knowledge is our most powerful engine of production.
• The love for money is only one among many.

Alfred Marshall Quotes About Economics

Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree. — 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. — Alfred Marshall

Though a simple book can be written on selected topics, the central doctrines of economics are not simple and cannot be made so. — Alfred Marshall

Every short statement about economics is misleading (with the possible exception of my present one). — Alfred Marshall

Alfred Marshall Famous Quotes And Sayings

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

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

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

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

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

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

The commercial storm leaves its path strewn with ruin. When it is over there is calm, but a dull, heavy calm. — Alfred Marshall

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. — Alfred Marshall

Life Lessons by Alfred Marshall

1. Alfred Marshall's work has highlighted the importance of understanding how economic forces interact with one another in order to make informed decisions.
2. His concept of elasticity of demand has been instrumental in helping to understand how changes in price can affect demand.
3. His work has also been influential in the development of neoclassical economics, which emphasises the importance of understanding the behaviour of individual economic agents.