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By Alfred Marshall (auth.)

Alfred Marshall, ideas of Economics (1890) – founding father of smooth (Neo-classical) Economics. His booklet ideas of Economics was once the dominant textbook in economics for a very long time and it's thought of to be his seminal work.

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Extra resources for Principles of Economics

Sample text

Wh en t h ey VISit of a k"md t h at cases, they have never seen before, they can tell within a shilling or two a week what any particular worker is earning, by merely observing how far his is a skilled occupation and what strain it involves on his physical, mental and moral faculties. And they can predict with tolerable certainty what rise of price will result from a given diminution of the supply of a certain thing, and how that increased price will react on the supply. 1ch govern t h e 1oca1 a·IStn"b ut10n complex different kinds of industry, the terms on which people living in cases.

In ~~{i~. fact, even this comparison is necessarily to some extent conjectural, unless they occur to the same person at the same time. For instance the pleasures which two persons derive from smoking cannot be directly compared : nor can even those which the same person derives from it at different times. But if we find a man in doubt whether to spend a few pence on a cigar, or a cup of tea, or on riding home instead of walking home, then we may follow ordinary usage, and say that he expects from them equal pleasures.

I, x, ~­ CHAPTER II THE SUBSTANCE OF ECONOMICS I, n, 1• h . f § 1. EcoNOMICS is a study of men as they live and move and think in the ordinary business of life. But it concerns itself chiefly ;;,o~i~~eof with those motives which affect, most powerfully and most steadily, ~fes':::'be man's conduct in the business part of his life. Everyone who is ~e~sured worth anything carries his higher nature with him into business ; mdirectly · m · fl uence d b y h'IS persona1 auectwns, 1r • in money. an d , t h ere as e1sewh ere, h e IS by his conceptions of duty and his reverence for high ideals.

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