"But if inventions have increased man's power over nature very much, then the real value of money is better measured for some purposes in labour than in commodities"
- Alfred Marshall
About this Quote
This quote by Alfred Marshall recommends that the worth of cash is not necessarily determined in regards to products, however rather in terms of labour. This is because creations have increased male's power over nature, enabling us to produce more with less effort. Therefore, labour is a better measure of the genuine value of money for some purposes. This is due to the fact that labour is a more accurate representation of the amount of effort and resources that have actually entered into producing a particular commodity. In other words, labour is a better measure of the real worth of money due to the fact that it takes into consideration the amount of effort and resources that have actually gone into producing a particular commodity. This is an important principle to consider when assessing the value of money.
"Given the choice, children who don't want for anything will not save... We have an obligation as parents to give our children what they need. What they want we can give them as a special gift, or they can save their money for it"