Alfred Marshall, Principles of Economics
Thursday, March 3, 2011
Philosophy of Wealth versus Economics
"For suppose that the person, whom we saw doubting between several little gratifications for himself, had thought after a while of a poor invalid whom he would pass on his way home; and had spent some time in making up his mind whether he would choose a physical gratification for himself, or would do a kindly act and rejoice in another's joy. As his desires turned now towards the one, now the other, there would be change in the quality of his mental states; and the philosopher is bound to study the nature of the change. But the economist studies mental states rather through their manifestations than in themselves; and if he finds they afford evenly balanced incentives to action, he treats them primâ facie as for his purpose equal."
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