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Top 25 Alfred Marshall Quotes (2025 Update)

Alfred Marshall Quote: “Knowledge is our most powerful engine of production.”

1. “Knowledge is our most powerful engine of production.”

— Alfred Marshall

Alfred Marshall Quote: “Political Economy or Economics is a study of mankind in the ordinary business of life.”

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

— Alfred Marshall

Alfred Marshall Quote: “The most valuable of all capital is that invested in human beings.”

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

— Alfred Marshall

Alfred Marshall Quote: “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.”

4. “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.”

— Alfred Marshall

Alfred Marshall Quote: “Slavery was regarded by Aristotle as an ordinance of nature, and so probably was it by the slaves themselves in olden time.”

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

— Alfred Marshall

Alfred Marshall Quote: “Capital is that part of wealth which is devoted to obtaining further wealth.”

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

— Alfred Marshall

Alfred Marshall Quote: “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.”

7. “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

Alfred Marshall Quote: “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.”

8. “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

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

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

— Alfred Marshall

Alfred Marshall Quote: “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.”

10. “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

Alfred Marshall Quote: “The love for money is only one among many.”

11. “The love for money is only one among many.”

— Alfred Marshall

Alfred Marshall Quote: “Civilized countries generally adopt gold or silver or both as money.”

12. “Civilized countries generally adopt gold or silver or both as money.”

— Alfred Marshall

Alfred Marshall Quote: “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.”

13. “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

Alfred Marshall Quote: “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.”

14. “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

Alfred Marshall Quote: “The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.”

15. “The most reckless and treacherous of all theorists is he who professes to let facts and figures speak for themselves.”

— Alfred Marshall

Alfred Marshall Quote: “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.”

16. “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

Alfred Marshall Quote: “Consumption may be regarded as negative production.”

17. “Consumption may be regarded as negative production.”

— Alfred Marshall

Alfred Marshall Quote: “The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.”

18. “The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.”

— Alfred Marshall

Alfred Marshall Quote: “Producer’s Surplus is a convenient name for the genus of which the rent of land is the leading species.”

19. “Producer’s Surplus is a convenient name for the genus of which the rent of land is the leading species.”

— Alfred Marshall

Alfred Marshall Quote: “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.”

20. “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

Alfred Marshall Quote: “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.”

21. “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

Alfred Marshall Quote: “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.”

22. “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

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

23. “The commercial storm leaves its path strewn with ruin. When it is over there is calm, but a dull, heavy calm.”

— Alfred Marshall

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

24. “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

Alfred Marshall Quote: “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.”

25. “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

Alfred Marshall Quote: “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.”

26. “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

Alfred Marshall Quote: “All labour is directed towards producing some effect.”

27. “All labour is directed towards producing some effect.”

— Alfred Marshall

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

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

— Alfred Marshall

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