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 MarshallIn common use almost every word has many shades of meaning, and therefore needs to be interpreted by the context.
Alfred MarshallAgain, most of the chief distinctions marked by economic terms are differences not of kind but of degree.
Alfred MarshallIn 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 MarshallI admit that these terms and the diagrams connected with them repel some readers, and fill others with the vain imagination that they have mastered difficult economics problems, when really they have done little more than learn the language in which parts of those problems can be expressed, and the machinery by which they can be handled. When the actual conditions of particular problems have not been studied, such knowledge is little better than a derrick for sinking oil-wells erected where there are no oil-bearing strata.
Alfred Marshall