Alfred Marshall quotes

Alfred Marshall, an influential economist, was born on July 26, 1842. As a prominent figure in the field of economics, Marshall's theories and ideas greatly shaped modern economic thought. His seminal work, "Principles of Economics," remains a fundamental reference for economists worldwide. Marshall's focus on price theory and the concept of supply and demand revolutionized the study of economics during the late 19th and early 20th centuries. Throughout his career, Marshall taught at the prestigious Cambridge University and mentored numerous notable economists. His teachings immensely influenced scholars like John Maynard Keynes, one of the most influential economists of the 20th century. Marshall's profound impact on economic principles led to him being referred to as the "father of modern economics." With valuable contributions in microeconomics, Marshall introduced concepts such as consumer surplus, elasticity, and marginal utility. His Central England Economic Studies, conducted in collaboration with Mary Paley, offered insightful analysis of regional economies. Alfred Marshall's pioneering work earned him immense recognition and respect within the academic community, shaping economics as a discipline. His research remains highly regarded and frequently referenced in contemporary economic studies. Discover more about Alfred Marshall's enduring legacy and his groundbreaking economic theories that continue to shape the world's financial landscape. Explore his insightful books, articles, and lectures to gain a comprehensive understanding of economic principles and their real-world applications.

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

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

- Alfred Marshall

Consumption may be regarded as negative production.

- Alfred Marshall

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.

- Alfred Marshall

Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.

- Alfred Marshall

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

Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.

- Alfred Marshall

All labour is directed towards producing some effect.

- Alfred Marshall

Civilized countries generally adopt gold or silver or both as money.

- 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

The hope that poverty and ignorance may gradually be extinguished, derives indeed much support from the steady progress of the working classes during the nineteenth century.

- Alfred Marshall

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

- Alfred Marshall

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.

- Alfred Marshall

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

- 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

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

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