“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.”
Quote by Ernst Engel
Author
Ernst Engel
Ernst Engel, born on March 26, 1821, and died on December 8, 1896, was a prominent German statistician. He made significant contributions to the field of statistics, particularly with his research on the Engel coefficient, which is still widely used today to measure the proportion of food expenditure in a household, an important indicator for studying consumption structure. more
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