Political Economy or Economics is a study of mankind in the ordinary business of life..

Knowledge is our most powerful engine of production..

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 ….

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

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

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

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

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….

Consumption may be regarded as negative production..

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 ….

All wealth consists of desirable things; that is, things which satisfy human wants directly or indirectly: but not all desirable things are reckoned ….

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

It is common to distinguish necessaries, comforts, and luxuries; the first class including all things required to meet wants which must be satisfied,….

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 elementar….

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 fa….

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

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

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 ….

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 ….

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

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