• Principles of Economics - Alfred Marshall - Fundamental Notions
• Principles of Economics - Alfred Marshall
Book II Some Fundamental Notions
Principles of classification
John Stuart Mill: “the ends of scientific classification are best answered when the objects are formed into groups respecting which a greater number of propositions can be made, and those propositions more important, than those which could be made respecting any other groups in which the same things could distributed.”
(Reference: Logic, Bk. Iv. Ch, VII, Par.2.)
Wealth: All wealth consists of desirable thing; that is, things which satisfy human wants directly or indirectly.
External and internal goods
Transferable or non-transferable goods
Man cannot create material or matter. In the mental and moral world he may produce new ideas.
When it said a man produces material things, he really only produces utilities, or in other words, his efforts and sacrifices result in changing the form or arrangement of matter to adapt it better for the satisfaction of wants.
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