Principles of Economics. Illustrated
Alfred Marshall

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Principles of Economics is magnum opus of Alfred Marshall. It was the standard text for generations of economics students.Marshal’s plan for the work gradually extended to a two-volume compilation on the whole of economic thought.Marshall's influence on modifying economic thought is difficult to deny. He popularized the use of supply and demand functions as tools of price determination; modern economists owe the linkage between price shifts and curve shifts to Marshall.

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particularly of retail trade*30. Consumption may be regarded as negative production. Just as man can produce only utilities, so he can consume nothing more. He can produce services and other immaterial products, and he can consume them. But as his production of material products is really nothing more than a rearrangement of matter which gives it new utilities; so his consumption of them is nothing more than a disarrangement of matter, which diminishes or destroys its utilities. Often indeed when he is said to consume things, he does nothing more than to hold them for his use, while, as Senior says, they "are destroyed by those numerous gradual agents which we call collectively time*31." As the "producer" of wheat is he who puts seed where nature will make it grow, so the "consumer" of pictures, of curtains, and even of a house or a yacht does little to wear them out himself; but he uses them while time wastes them.

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