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The Principles of Economics

Political economy or economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man. For man's character has been moulded by his every-day work, and the material resources which he thereby procures, more than by any other influence unless it be that of his religious ideals; and the two great forming. | The Principles of Economics Alfred Marshall Book One - Preliminary Survey Book Two - Some Fundamental Notions Book Three - Of Wants and Their Satisfaction Book Four - The Agents of Production Book Five - The General Relations of Demand Supply and Value Book Six - The Distribution of the National Income Principles of Economics An introductory volume by Alfred Marshall 1890 Book One Preliminary Survey Chapter 1 Introduction 1. Political economy or economics is a study of mankind in the ordinary business of life it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on the one side a study of wealth and on the other and more important side a part of the study of man. For man s character has been moulded by his every-day work and the material resources which he thereby procures more than by any other influence unless it be that of his religious ideals and the two great forming agencies of the world s history have been the religious and the economic. Here and there the ardour of the military or the artistic spirit has been for a while predominant but religious and economic influences have nowhere been displaced from the front rank even for a time and they have nearly always been more important than all others put together. Religious motives are more intense than economic but their direct action seldom extends over so large a part of life. For the business by which a person earns his livelihood generally fills his thoughts during by far the greater part of those hours in which his mind is at its best during them his character is being formed by the way in which he uses his faculties in his work by the thoughts and the feelings which it suggests and by his relations to his associates in work his employers or his employees. And very often the influence exerted on a person s character by the amount of his income is hardly less if it is less than that .