Balance Of Trade Quotes (1 quote)
He who attempts to draw any conclusion whatever as to the nation's wealth or poverty from the mere fact of a favorable or unfavorable Balance of Trade, has not grasped the first fundamental principle of Political Economy.
As quoted by Richard Theodore Ely in 'Transfers of Economic Goods, Including, as Agents of Transfers, Money, Credit, and Banking', Political Economy, Political Science and Sociology: a Practical and Scientific Presentation of Social and Economic Subjects (1899), 485. Engel's statement is presented in quotation marks, but since the author, Ely, qualifies it with 'Dr. Ernst Engel, once made the following observation at a meeting of a "Seminary," of which the writer was a member at the time.' This suggests the quote is only given as a recollection, and not Engel's exact words.