Every Short Statement About Economics Is Misleading

Producer's Surplus Is A Convenient Name For The Genus Of Which The Rent Of Land Is The Leading Species.

All Labour Is Directed Towards Producing Some Effect.

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.

Again, Most Of The Chief Distinctions Marked By Economic Terms Are Differences Not Of Kind But Of Degree.

Every Short Statement About Economics Is Misleading (with The Possible Exception Of My Present One).