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.

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.

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.

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.

Consumption may be regarded as negative production.

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.