"The first, or theoretic branch, that which explains the nature, production, and distribution of wealth, will be found to rest on a very few general propositions, which are the result of observation, or consciousness"

Nassau William Senior's quote is referring to the two branches of economics: theoretical and practical. The theoretical branch is worried about understanding the nature, production, and circulation of wealth. Senior recommends that this branch is based upon a couple of basic proposals that are originated from observation and awareness. This implies that the theoretical branch of economics is based on the principles of human behavior and the laws of supply and need. Senior citizen's quote suggests that the theoretical branch of economics is a fairly basic field of study, as it is based upon a few basic principles. However, the practical branch of economics is much more complex, as it involves the application of these principles to real-world situations.