Civilized Countries Generally Adopt Gold Or Silver

But If Inventions Have Increased Man's Power Over Nature Very Much, Then The Real Value Of Money Is Better Measured For Some Purposes In Labour Than In Commodities.

I 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.

All Wealth Consists Of Desirable Things; That Is, Things Which Satisfy Human Wants Directly Or Indirectly: But Not All Desirable Things Are Reckoned As Wealth.

Knowledge Is Our Most Powerful Engine Of Production.

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.