7.2 Principles of Economics [Alfred Marshall]

7.2.1 Introduction

Political Economy or Economics is a study of mankind in the ordinary business of life……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……two great forming agencies of the world’s history have been religious and economic.

Hui: I agree. Religion and economy set the frame.

7.2.2 The substance of economics

Economics is a study of men as they live and move and think in the ordinary business of life. But it concerns itself chiefly with those motives which affect, most powerfully and most steadily man’s conduct in the business part of his life……the steadiest motive to ordinary business work is the desire for the pay which is the material reward of work.