"Economic theory deals with two concepts, Value and Economy. Abstract reasoning regarding these concepts rests ultimately on mathematical concepts of quantity, time and energy. The three are inseparable, for quantity and time are dimensions of energy. The quantity relationships of energy, usually termed "statics," turn on the problem of the relation of the parts to the whole, while the time relationships, usually termed "dynamics," are the relations of a process that connects past, present and future."
Quote Details
Added by wikiquote-import-bot
Unverified quote
0 likes
Academics from the United StatesNon-fiction authors from the United StatesPeople from OhioHistorians from the United StatesEconomists from the United States
Original Language: English
Available Languages (1)
Sources
p. 1; Lead paragraph first chapter on Mechanism, Scarcity, Working Rules
https://en.wikiquote.org/wiki/John_R._Commons
Revision History
No revisions have been submitted for this quote.
Categories
John R. Commons
John Rogers Commons (October 13, 1862 – May 11, 1945) was an American institutional economist, progressive and labor historian at the University of Wisconsin–Madison.
26 quotes on TrueQuotesView all quotes by John R. Commons →
Related Quotes
"Other races of immigrants, by contact with our institutions, have been civilized—the negro has only been domesticated."
"It is an easy and patriotic matter for the lawyer, minister, professor, employer, or investor, placed above the arena…"
"The Chinese and Japanese are perhaps the most industrious of all races, while the Chinese are the most docile. The Ja…"
"In the entire circuit of the globe those races which have developed under a tropical sun are found to be indolent and…"
"The aim of this volume is to work out an evolutionary and behavioristic, or rather volitional, theory of value. It wa…"
"It would not be incorrect to say that all capital is invisible value, in that it is the present value, not of physica…"
"The concept of property itself had come up out of the common law and carried with it the idea of a natural, or common…"
"Legally, the term liberty means absence of duty, or rather the limit of duty."
"Liberty is as much a matter of compulsion as duty, but where duty says to a person that he must or must not, liberty …"
"The boot and shoe makers, either as shoemakers or “cordwainers,” have been the earliest and the most strenuous of Ame…"