Alfred Marshall: Economics

Alfred Marshall was British economist. Explore interesting quotes on economics.
Alfred Marshall: 10   quotes 1   like

“I had a growing feeling in the later years of my work at the subject that a good mathematical theorem dealing with economic hypothesis was very well unlikely to be good economics: and I went more and more on the rules - (1) Use mathematics as shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life (5) Burn the mathematics. (6) If you can’t succeed in 4, burn 3. This last I do often.”

Alfred Marshall

Letter to A.L. Bowley, 27 February 1906, cited in: David L. Sills, Robert King Merton, Social Science Quotations: Who Said What, When, and Where http://books.google.com/books?id=WIKQbew5YKcC&pg=PA151 Transaction Publishers, 2000. p. 151.

Life , Feeling , Mathematics

“There has always been a temptation to classify economic goods in clearly defined groups, about which a number of short and sharp propositions could be made, to gratify at once the student’s desire for logical precision, and the popular liking for dogmas that have the air of being profound and are yet easily handled. But great mischief seems to have been done by yielding to this temptation, and drawing broad artificial lines of division where Nature has made none. The more simple and absolute an economic doctrine is, the greater will be the confusion which it brings into attempts to apply economic doctrines to practice, if the dividing lines to which it refers cannot be found in real life. There is not in real life a clear line of division between things that are and are not Capital, or that are and are not Necessaries, or again between labour that is and is not Productive.”

Alfred Marshall book Principles of Economics

Source: Principles of Economics, (1890), p. viii (9th ed. 2009).

Life , Nature , Drawing

“Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing.”

Alfred Marshall book Principles of Economics

Bk I, Ch. I, Introduction
Principles of Economics, (1890)

Study , Business , Life , Parting