"Excerpts from "On Arnold Toynbee" by Alfred Marshall", edited by John K. Whitaker, Marshall Studies Bulletin 6 , p. 45–48"

“We must expect for a long time yet to see capitalists still striving to obtain the highest possible profits. But observe, that the passion for wealth is certainly in some senses new. It grew up very rapidly at the beginning of the present century; it was not so strong in the last century, when men were much more content to lead a quiet easy life of leisure. The change has really influenced the relations between men; but in the future it is quite possible that the scramble for wealth may grow less intense, and a change in the opposite direction take place.”

“In the middle of the last century there was comparatively little movement of workmen from place to place; but Adam Smith's fierce attack on the law of settlement shows that migration was on the increase. The world was, in fact, on the eve of an industrial revolution; and it is interesting to remember that the two men who did most to bring it about, Adam Smith and James Watt, met, as I have mentioned, in Glasgow, when one was dreaming of the book, and the other of the invention, which were to introduce a new industrial age.”

“Economists, firstly, regard only one part of man's nature, and treat him simply as a money-making animal; secondly, they disregard the influence of custom, and only take account of competition. Certain laws are laid down under these assumptions; as, for instance, that the rate of wages always tends to an equality, the permanent difference obtaining in various employments being only sufficient to balance the favourable or unfavourable circumstances attending each of them — a law which is only true after a certain stage of civilisation and in so far as the acquisition of wealth is the sole object of men.”

“The proper limits of Government interference are relative to the nature of each particular state and the stage of its civilisation. It is a matter of great importance at the present day for us to discover what these limits are in our own case, for administration bids fair to claim a large share of our attention in the future.”

“Great Thinkers: Rana Mitter FBA on Arnold Toynbee FBA podcast, The British Academy”

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