"Again, most of the chief distinctions marked by economic terms are differences not of kind but of degree"
- Alfred Marshall
About this Quote
This quote by Alfred Marshall is referring to the differences in between financial terms. He is recommending that most of the distinctions in between financial terms are not distinctions in kind, but rather distinctions in degree. This implies that the differences in between financial terms are not so much a matter of one being totally various from the other, however rather a matter of one being basically than the other. For example, the difference between an economic crisis and an anxiety is not a difference in kind, but rather a difference in degree. An economic crisis is a period of financial decrease, while a depression is a more severe duration of financial decline. The very same can be stated for the distinctions in between inflation and deflation. Inflation is an increase in the general rate level, while deflation is a reduction in the basic cost level. The distinctions between these financial terms are not a matter of one being completely various from the other, but rather a matter of one being basically than the other.
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