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

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

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.

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

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.

All labour is directed towards producing some effect.

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.