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As a general rule, it is foolish to do just what other people are doing, because there are almost sure to be too many people doing the same thing.
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The whole value of science consists in the power which it confers upon us of applying to one object the knowledge acquired from like objects; and it is only so far, therefore, as we can discover and register resemblances that we can turn our observations to account.
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The whole result of continued labour is not often consumed and enjoyed in a moment; the result generally lasts for a certain length of time. We must then conceive the capital as being progressively uninvested.
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When quite young I can remember I had no thought or wish of surpassing others. I was rather taken with a liking of little arts and bits of learning. My mother carefully fostered a liking for botany, giving me a small microscope and many books, which I yet have. Strange as it may seem, I now believe that botany and the natural system, by exercising discrimination of kinds, is the best of logical exercises. What I may do in logic is perhaps derived from that early attention to botany.
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Property is only another name for monopoly.
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Labour once spent has no influence on the future value of any article; it isgone and lost for ever. In commerce bygones are forever bygones; and we are alwaysstarting clearat each moment, judging the values of things with a view to future utility.
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It is clear that economics, if it is to be a science at all, must be a mathematical science.
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You will perceive that economy, scientifically speaking, is a very contracted science; it is in fact a sort of vague mathematics which calculates the causes and effects of man's industry, and shows how it may be best applied.
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Capital simply allows us to expend labour in advance.
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It seems perfectly clear that Economy, if it is to be a science at all, must be a mathematical science. There exists much prejudice against attempts to introduce the methods and language of mathematics into any branch of the moral sciences. Most persons appear to hold that the physical sciences form the proper sphere of mathematical method, and that the moral sciences demand some other method-I know not what.
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My principal work now lies in tracing out the exact nature and conditions of utility. It seems strange indeed that economists have not bestowed more minute attention on a subject which doubtless furnishes the true key to the problems of economics.
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In any case I hold that there must arise a science of the development of economic forms and relations.
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One pound invested for five years gives the same result as five pounds invested for one year, the product being five pound years.
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As there are so many who talk prose without knowing it, or, again, who syllogize without having the least idea what a syllogism is, so economists have long been mathematicians without being aware of the fact.