Quote of the Day for April 24, 2018


114: From Marshall: Principles of Economics, Book VI, Chapter V:

    It was these chiefly that Adam Smith had in view when he said:—"When any expensive machine is erected, the extraordinary work to be performed by it before it is worn out, it must be expected, will replace the capital laid out upon it, with at least the ordinary profits. A man educated at the expense of much labour and time to any of those employments which require extraordinary dexterity and skill, may be compared to one of those expensive machines. The work which he learns to perform, it must be expected, over and above the usual wages of common labour, will replace to him the whole expense of his education, with at least the ordinary profits of an equally valuable capital. It must do this too in a reasonable time, regard being had to the very uncertain duration of human life, in the same manner as to the more certain duration of the machine."

    VI.V.3 (paragraph number)

    View Card Catalog for this quote