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.

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

Producer's Surplus is a convenient name for the genus of which the rent of land is the leading species.

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.

Individual and national rights to wealth rest on the basis of civil and international law, or at least of custom that has the force of law.

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

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.