By a commodity we shall understand any object, substance, action or service, which can afford pleasure or ward off pain.
Among minor alterations, I may mention the substitution for the name political economy of the single convenient term economics. I cannot help thinking that it would be well to discard, as quickly as possible, the old troublesome double-worded name of our science.
I feel quite unable to adopt the opinion that the moment goods pass into the possession of the consumer they cease altogether to have the attributes of capital.
Whoever wishes to acquire a deep acquaintance with Nature must observe that there are analogies which connect whole branches of science in a parallel manner, and enable us to infer of one class of phenomena what we know of another. It has thus happened on several occasions that the discovery of an unsuspected analogy between two branches of knowledge has been the starting point for a rapid course of discovery.
Science arises from the discovery of Identity amid Diversity.
The child which overbalances itself in learning to walk is experimenting on the law of gravity.
It is clear that Economics, if it is to be a science at all, must be a mathematical science ... simply because it deals with quantities... As the complete theory of almost every other science involves the use of calculus, so we cannot have a true theory of Economics without its aid.
There are many portions of economical doctrine which appear to me as scientific in form as they are consonant with facts.
In any case I hold that there must arise a science of the development of economic forms and relations.
We shall never have a science of economics unless we learn to discern the operation of law even among the most perplexing complications and apparent interruptions.
I consider that interest is determined by the increment of produce which it enables a labourer to obtain, and is altogether independent of the total return which he receives for this labour.
An isolated man like Alexander Selkirk might feel the benefit of a stock of provisions, tools and other means of facilitating industry, although cut off from traffic, with other men.
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