Alfred Marshall Quotes

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

(1) Use mathematics as shorthand language, rather than as an engine of inquiry. (2) Keep to them till you have done. (3) Translate into English. (4) Then illustrate by examples that are important in real life (5) Burn the mathematics. (6) If you can’t succeed in 4, burn 3. This I do often.

The price of every thing rises and falls from time to time and place to place; and with every such change the purchasing power of money changes so far as that thing goes.

The laws of economics are to be compared with the laws of the tides, rather than with the simple and exact law of gravitation. For the actions of men are so various and uncertain, that the best statement of tendencies, which we can make in a science of human conduct, must needs be inexact and faulty.

Nada debería tener tanto un economista como el aplauso.

There has always been a temptation to classify economic goods in clearly defined groups, about which a number of short and sharp propositions could be made, to gratify at once the student’s desire for logical precision, and the popular liking for dogmas that have the air of being profound and are yet easily handled. But great mischief seems to have been done by yielding to this temptation, and drawing broad artificial lines of division where Nature has made none. The more simple and absolute an economic doctrine is, the greater will be the confusion which it brings into attempts to apply economic doctrines to practice, if the dividing lines to which it refers cannot be found in real life. There is not in real life a clear line of division between things that are and are not Capital, or that are and are not Necessaries, or again between labour that is and is not Productive.

In the world of words, the hardest facts can be made to vanish into thin air by a clever catchword or soaring rhetoric. In a public discourse where slogans and images have too often replaced facts and logic, words have indeed become for some what Hobbes called them, centuries ago—the money of fools,114 often counterfeit money created by clever people. Our educational system, which might have been expected to develop students’ ability to “cross-examine the facts,” as the great economist Alfred Marshall once put it, has itself become one of the fountainheads of insinuations and obfuscations.

The history of socialistic ventures, shows that ordinary men are seldom capable of pure ideal altruism for any considerable time together, and that the exceptions are to be found only when masterful fervour of a small band of religious enthusiasts makes material concerns to count for nothing in comparison with the higher faith.

Alfred was obsessed by order, obsessed by the task of marshaling life’s chaos into something that could be controlled. He would do it by the church and by the law, which are much the same thing, but I wanted to see a pattern in the strands of life. In the end I found one, and it had nothing to do with any god, but with people. With the people we love.

Uncle Alfred was very respectful of Owen’s desire to go to Vietnam, but Aunt Martha—over our elegant dinner—questioned the war’s “morality.” “YES, I QUESTION THAT, TOO,” said Owen Meany. “BUT I FEEL ONE HAS TO SEE SOMETHING FIRSTHAND TO BE SURE. I’M CERTAINLY INCLINED TO AGREE WITH KENNEDY’S ASSESSMENT OF THE VIETNAMESE PROBLEM—WAY BACK IN NINETEEN SIXTY-THREE. YOU MAY RECALL THAT THE PRESIDENT SAID: ‘WE CAN HELP THEM, WE CAN GIVE THEM EQUIPMENT, WE CAN SEND OUR MEN OUT THERE AS ADVISERS, BUT THEY HAVE TO WIN IT, THE PEOPLE OF VIETNAM.’ I THINK THAT POINT IS STILL VALID—AND IT’S CLEAR TO ALL OF US THAT THE ‘PEOPLE OF VIETNAM’ ARE NOT WINNING THE WAR. WE APPEAR TO BE TRYING TO WIN IT FOR THEM. “BUT LET’S SUPPOSE, FOR A MOMENT, THAT WE BELIEVE IN THE STATED OBJECTIVES OF THE JOHNSON ADMINISTRATION’S VIETNAM POLICY—AND THAT WE SUPPORT THIS POLICY. WE AGREE TO RESIST COMMUNIST AGGRESSION IN SOUTH VIETNAM—WHETHER IT COMES FROM THE NORTH VIETNAMESE OR THE VIET CONG. WE SUPPORT THE IDEA OF SELF-DETERMINATION FOR SOUTH VIETNAM—AND WE WANT PEACE IN SOUTHEAST ASIA. IF THESE ARE OUR OBJECTIVES—IF WE AGREE THAT THIS IS WHAT WE WANT—WHY ARE WE ESCALATING THE WAR? “THERE DOESN’T APPEAR TO BE A GOVERNMENT IN SAIGON THAT CAN DO VERY WELL WITHOUT US. DO THE SOUTH VIETNAMESE PEOPLE EVEN LIKE THE MILITARY JUNTA OF MARSHAL KY? NATURALLY, HANOI AND THE VIET CONG WILL NOT NEGOTIATE FOR A PEACEFUL SETTLEMENT IF THEY THINK THEY CAN WIN THE WAR! THERE’S EVERY REASON FOR THE UNITED STATES TO KEEP ENOUGH OF OUR GROUND FORCES IN SOUTH VIETNAM TO PERSUADE HANOI AND THE VIET CONG THAT THEY COULD NEVER ACHIEVE A MILITARY VICTORY. BUT WHAT DOES IT ACCOMPLISH FOR US TO BOMB THE NORTH? “SUPPOSING THAT WE MEAN WHAT WE SAY—THAT WE WANT SOUTH VIETNAM TO BE FREE TO GOVERN ITSELF—WE SHOULD BE PROTECTING SOUTH VIETNAM FROM ATTACK. BUT IT APPEARS THAT WE ARE ATTACKING THE WHOLE COUNTRY—FROM THE AIR! IF WE BOMB THE WHOLE COUNTRY TO BITS—TO PROTECT IT FROM COMMUNISM—WHAT KIND OF PROTECTION IS THAT? “I THINK THAT’S THE PROBLEM,” said Owen Meany, “BUT I’D LIKE TO SEE THE SITUATION FOR MYSELF.

May we not outgrow the belief that poverty is necessary? —Alfred Marshall 1890

You can't earn anything if you don't learn something.

True Love can only be experienced in full when you make a wise decision to become a fool.

WWII interrupted the plans of many explorers, although a secret Nazi expedition in 1938–39, led by Alfred Ritscher, was dispatched to Antarctica by Field Marshal Hermann Göring. Göring was interested both in claiming territory and in protecting Germany’s growing whaling fleet. The expedition used seaplanes to overfly vast stretches of the ice sheet, dropping 1.5m darts inscribed with swastikas to establish sovereignty

Theirs not to reason why, Theirs but to do and die —ALFRED TENNYSON

Alfred Marshall once said, economists need ‘cool heads, but warm hearts’. Yes, describe the world like a scientist, but make sure that you do it with compassion for the human suffering around you – then try to change things.