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.

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

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

All labour is directed towards producing some effect.

Consumption may be regarded as negative production.

Every short statement about economics is misleading (with the possible exception of my present one).

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.