Alfred Marshall

valuable capital human

"The most valuable of all capital is that invested in human beings"

—Alfred Marshall (1842-1924)

capital wealth

"Capital is that part of wealth which is devoted to obtaining further wealth."

—Alfred Marshall (1842-1924)

knowledge powerful engine production

"Knowledge is our most powerful engine of production."

—Alfred Marshall (1842-1924)

word meaning shade interpret context

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

—Alfred Marshall (1842-1924)

price rise fall time place purchase power money change

"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."

—Alfred Marshall (1842-1924)

short statement economics misleading

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

—Alfred Marshall (1842-1924)

consumption negative production

"Consumption may be regarded as negative production."

—Alfred Marshall (1842-1924)

invention increase man power nature value money labour

"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 (1842-1924)

distinction economic terms difference kind degree

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

—Alfred Marshall (1842-1924)