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Arthur Twining Hadley

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The true basis for an estimate of a nation’s wealth is to be found in the enjoyments of its members. The wealth of a community does not depend on the money value
its means for such enjoyment, nor even on their physical amount, but on their utilization.


Arthur Twining Hadley, Economics: An Account of the Relations Between Private Property and Public Welfare (1896), pp. 4 – 5.

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