--- title: "Meaning & Key Takeaway of: He who attempts to draw any conclusion…" description: "\"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,..." image: "https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png" --- # He who attempts to draw any conclusion whatever as to the… ![“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](https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png) [Download](https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png) [Open image](https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png) > “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.” [Ernst Engel](https://sms4smile.com/quotes/author/ernst-engel/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Trade balance alone doesn't explain a nation's wealth; deeper economic principles matter. **In simple terms:** Trade balance isn't the whole story of wealth. Key Takeaway Study broader economic factors. Themes economics trade wealth fundamentals Mood analytical thoughtful Type academic philosophical When to use this quote - policy analysis - economic education - business strategy - international relations Key Concepts comparative advantage resource allocation Questions to Reflect On - What other factors drive national prosperity? - How can policymakers use this insight? A Different Perspective Complex models can be hard to apply. ★ ★ ★ ★ ★ No ratings yet [Balance](https://sms4smile.com/quotes/about/balance/) [Conclusion](https://sms4smile.com/quotes/about/conclusion/) [Draws](https://sms4smile.com/quotes/about/draws/) [Economy](https://sms4smile.com/quotes/about/economy/) [Facts](https://sms4smile.com/quotes/about/facts/) [Firsts](https://sms4smile.com/quotes/about/firsts/) [Fundamental principles](https://sms4smile.com/quotes/about/fundamental-principles/) [Fundamentals](https://sms4smile.com/quotes/about/fundamentals/) [Mere](https://sms4smile.com/quotes/about/mere/) [Nations](https://sms4smile.com/quotes/about/nations/) [Political](https://sms4smile.com/quotes/about/political/) [Political economy](https://sms4smile.com/quotes/about/political-economy/) [Poverty](https://sms4smile.com/quotes/about/poverty/) [Poverty Mere](https://sms4smile.com/quotes/about/poverty-mere-5863674/) [Principle Political](https://sms4smile.com/quotes/about/principle-political-732995/) [Principles](https://sms4smile.com/quotes/about/principles/) [Science](https://sms4smile.com/quotes/about/science/) [Trade](https://sms4smile.com/quotes/about/trade/) [Trade Grasped](https://sms4smile.com/quotes/about/trade-grasped-5863673/) [Wealth](https://sms4smile.com/quotes/about/wealth/) [Wealth Poverty](https://sms4smile.com/quotes/about/wealth-poverty-238964/) ## Related quotes > [The fundamental principle of human action, the law, that is to political economy what the law of gravitation is to physics is that men…](https://sms4smile.com/quotes/henry-george/the-fundamental-principle-of-human-action-the-law-that-is-to/) [Henry George](https://sms4smile.com/quotes/author/henry-george/) > [It depends on the state itself to retain or abolish the principle of representation, because it depends on itself whether it will continue a…](https://sms4smile.com/quotes/william-rawle/it-depends-on-the-state-itself-to-retain-or-abolish-the-principle-of/) [William Rawle](https://sms4smile.com/quotes/author/william-rawle/) > [If you take Darwinian theory, make a 'scientific' principle out of it, put it into political action, then you have something like Nazi Germany.](https://sms4smile.com/quotes/bruce-lipton/if-you-take-darwinian-theory-make-a-scientific-principle-out-of-it/) [Bruce Lipton](https://sms4smile.com/quotes/author/bruce-lipton/) > [Liberalism is that principle of political rights, according to which the public authority, in spite of being all-powerful, limits itself and attempts, even at…](https://sms4smile.com/quotes/jose-ortega-y-gasset/liberalism-is-that-principle-of-political-rights-according-to-which/) [Jose Ortega y Gasset](https://sms4smile.com/quotes/author/jose-ortega-y-gasset/) > [“Interest yourself in public affairs as a duty of citizenship, but do not surrender your faith to those who discredit and debase politics by…](https://sms4smile.com/quotes/grover-cleveland/interest-yourself-in-public-affairs-as-a-duty-of-citizenship-but-do/) [Grover Cleveland](https://sms4smile.com/quotes/author/grover-cleveland/) > [The principle of my political life ... is that all amelioration and improvements in political institutions can be obtained by persevering in a perfectly…](https://sms4smile.com/quotes/daniel-o-connell/the-principle-of-my-political-life-is-that-all-amelioration-and/) [Daniel O'Connell](https://sms4smile.com/quotes/author/daniel-o-connell/) > [“From the late 19th century until the 1970s, the advanced societies of the West were all becoming less unequal. Thanks to progressive taxation, government…](https://sms4smile.com/quotes/tony-judt/from-the-late-19th-century-until-the-1970s-the-advanced-societies-of/) [Tony Judt](https://sms4smile.com/quotes/author/tony-judt/) > [“Poverty, we have said elsewhere, was the primary cause of wealth. It was poverty that created the first capitalist; because, before accumulating "surplus value,"…](https://sms4smile.com/quotes/pyotr-kropotkin/poverty-we-have-said-elsewhere-was-the-primary-cause-of-wealth-it-was/) [Pyotr Kropotkin](https://sms4smile.com/quotes/author/pyotr-kropotkin/) > [“I was an adventurer, but she was not an adventuress. She was a 'wanderess.' Thus, she didn’t care about money, only experiences - whether…](https://sms4smile.com/quotes/roman-payne/i-was-an-adventurer-but-she-was-not-an-adventuress-she-was-a/) [Roman Payne](https://sms4smile.com/quotes/author/roman-payne/) > [“If you recieved a nickel for every act of your kindness and had to pay a nickel for every act of your negativity and…](https://sms4smile.com/quotes/anonymous/if-you-recieved-a-nickel-for-every-act-of-your-kindness-and-had-to/) [Anonymous](https://sms4smile.com/quotes/author/anonymous/) > [“Extremes of wealth and poverty are a scandal to Christian brotherhood. They must not be allowed.”](https://sms4smile.com/quotes/richard-j-foster/extremes-of-wealth-and-poverty-are-a-scandal-to-christian-brotherhood/) [Richard J. Foster](https://sms4smile.com/quotes/author/richard-j-foster/) > [Wealth and poverty are seen for what they are. It begins to be seen that the poor are only they who feel poor, and…](https://sms4smile.com/quotes/ralph-waldo-emerson/wealth-and-poverty-are-seen-for-what-they-are-it-begins-to-be-seen/) [Ralph Waldo Emerson](https://sms4smile.com/quotes/author/ralph-waldo-emerson/) > [“Since nothing is less stable among men than those external relationships which chance brings about more often than wisdom, and which are called weakness…](https://sms4smile.com/quotes/jean-jacques-rousseau/since-nothing-is-less-stable-among-men-than-those-external/) [Jean-Jacques Rousseau](https://sms4smile.com/quotes/author/jean-jacques-rousseau/) > [Wealth and poverty do not lie in a man's estate, but in men's souls.](https://sms4smile.com/quotes/antisthenes/wealth-and-poverty-do-not-lie-in-a-man-s-estate-but-in-men-s-souls/) [Antisthenes](https://sms4smile.com/quotes/author/antisthenes/) > [The poor of the world cannot be made rich by the redistribution of wealth. Poverty can't be eliminated by punishing people who've escaped poverty,…](https://sms4smile.com/quotes/p-j-o-rourke/the-poor-of-the-world-cannot-be-made-rich-by-the-redistribution-of/) [P. J. O'Rourke](https://sms4smile.com/quotes/author/p-j-o-rourke/) ## More by Ernst Engel > [The poorer is a family, the greater is the proportion of the total outgo which must be used for food... The proportion of the…](https://sms4smile.com/quotes/ernst-engel/the-poorer-is-a-family-the-greater-is-the-proportion-of-the-total/) [Ernst Engel](https://sms4smile.com/quotes/author/ernst-engel/) > [With rising incomes, the share of expenditures for food products declines. The resulting shift in expenditures affects demand patterns and employment structures.](https://sms4smile.com/quotes/ernst-engel/with-rising-incomes-the-share-of-expenditures-for-food-products/) [Ernst Engel](https://sms4smile.com/quotes/author/ernst-engel/) [Explore all 3 Ernst Engel quotes ](https://sms4smile.com/quotes/author/ernst-engel/) ## More Balance quotes > [Balance suggests a perfect equilibrium. There is no such thing. That is a false expectation… There are going to be priorities and dimensions of…](https://sms4smile.com/quotes/denise-morrison/balance-suggests-a-perfect-equilibrium-there-is-no-such-thing-that-is/) [Denise Morrison](https://sms4smile.com/quotes/author/denise-morrison/) > [The bones of my architecture are very much related to the structure, to the physical fact of how a building can stand up; it's…](https://sms4smile.com/quotes/santiago-calatrava/the-bones-of-my-architecture-are-very-much-related-to-the-structure/) [Santiago Calatrava](https://sms4smile.com/quotes/author/santiago-calatrava/) > [I can still function when I don't have that balance I crave. I had a tendency to be precious about acting, thinking of it…](https://sms4smile.com/quotes/laura-regan/i-can-still-function-when-i-don-t-have-that-balance-i-crave-i-had-a/) [Laura Regan](https://sms4smile.com/quotes/author/laura-regan/) > [she got a reputation for an easy smile and a sharp tongue, and using one to balance the other, she seemed friendly but distant](https://sms4smile.com/quotes/dorothy-allison/she-got-a-reputation-for-an-easy-smile-and-a-sharp-tongue-and-using/) [Dorothy Allison](https://sms4smile.com/quotes/author/dorothy-allison/) > [Life's unfairness is not irrevocable; we can help balance the scales for others, if not always for ourselves.](https://sms4smile.com/quotes/hubert-h-humphrey/life-s-unfairness-is-not-irrevocable-we-can-help-balance-the-scales/) [Hubert H. Humphrey](https://sms4smile.com/quotes/author/hubert-h-humphrey/) > [“We don't need to strive towards balance, we rather need to work on the obstacles that are preventing the natural flow of balance.”](https://sms4smile.com/quotes/a-a-alebraheem/we-don-t-need-to-strive-towards-balance-we-rather-need-to-work-on-the/) [A.A. Alebraheem](https://sms4smile.com/quotes/author/a-a-alebraheem/) > [I think that kind of balance comes with the process of growing together as a band, the Little Dragon. We love to write, we…](https://sms4smile.com/quotes/yukimi-nagano/i-think-that-kind-of-balance-comes-with-the-process-of-growing/) [Yukimi Nagano](https://sms4smile.com/quotes/author/yukimi-nagano/) > [Balance is the ability to be happy in the midst of the most chaotic or even boring or transient circumstance.](https://sms4smile.com/quotes/frederick-lenz/balance-is-the-ability-to-be-happy-in-the-midst-of-the-most-chaotic/) [Frederick Lenz](https://sms4smile.com/quotes/author/frederick-lenz/) > [At times of recession, running a budget deficit is highly desirable. Once the economy begins to recover, you have to balance the budget. But…](https://sms4smile.com/quotes/george-soros/at-times-of-recession-running-a-budget-deficit-is-highly-desirable/) [George Soros](https://sms4smile.com/quotes/author/george-soros/) > [It's my intention to make something stand outside the realm of album art, but it also feels comfortable to me to be in it.…](https://sms4smile.com/quotes/john-dyer-baizley/it-s-my-intention-to-make-something-stand-outside-the-realm-of-album/) [John Dyer Baizley](https://sms4smile.com/quotes/author/john-dyer-baizley/) > [Once you've gotten your money in balance, you know how much you have to spend on things that are just fun.](https://sms4smile.com/quotes/elizabeth-warren/once-you-ve-gotten-your-money-in-balance-you-know-how-much-you-have/) [Elizabeth Warren](https://sms4smile.com/quotes/author/elizabeth-warren/) > [I never understood how much running changes your life. I'm now obsessed. When not trying to beat my personal best, I'm talking to other…](https://sms4smile.com/quotes/sadiq-khan/i-never-understood-how-much-running-changes-your-life-i-m-now/) [Sadiq Khan](https://sms4smile.com/quotes/author/sadiq-khan/) > [Whatever needed to be done, I need to know how to do it just as well as my wife. You know, for us to…](https://sms4smile.com/quotes/jason-isbell/whatever-needed-to-be-done-i-need-to-know-how-to-do-it-just-as-well/) [Jason Isbell](https://sms4smile.com/quotes/author/jason-isbell/) > [I don't think my parents would have let me go straight into acting full time when I was 12. I do like to have…](https://sms4smile.com/quotes/felicity-jones/i-don-t-think-my-parents-would-have-let-me-go-straight-into-acting/) [Felicity Jones](https://sms4smile.com/quotes/author/felicity-jones/) > [When it comes down to music, I have no balance. I am 100 percent. It is like full throttle. Five hundred miles an hour.](https://sms4smile.com/quotes/yanni/when-it-comes-down-to-music-i-have-no-balance-i-am-100-percent-it-is/) [Yanni](https://sms4smile.com/quotes/author/yanni/) [Browse all 5,166 Balance quotes ](https://sms4smile.com/quotes/about/balance/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "Quotation", "text": "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.", "creator": { "@type": "Person", "name": "Ernst Engel" }, "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "url": "https://sms4smile.com/quotes/ernst-engel/he-who-attempts-to-draw-any-conclusion-whatever-as-to-the-nation-s/", "about": { "@type": "Thing", "name": "Balance" }, "@id": "https://sms4smile.com/quotes/ernst-engel/he-who-attempts-to-draw-any-conclusion-whatever-as-to-the-nation-s/#quotation", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png", "contentUrl": "https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png", "url": "https://sms4smile.com/quotes/i/6f2/ernst-engel-81792_balance_he-who-attempts-to-draw-any-conclusion-w_1562450.png", "width": 1080, "height": 1080, "caption": "“He who attempts to draw any conclusion whatever as to the nation's wealth or poverty from the mere fact of a…” — Ernst Engel", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } }, { "@type": "BreadcrumbList", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://sms4smile.com/" }, { "@type": "ListItem", "position": 2, "name": "Quotes", "item": "https://sms4smile.com/quotes/" }, { "@type": "ListItem", "position": 3, "name": "Ernst Engel", "item": "https://sms4smile.com/quotes/author/ernst-engel/" }, { "@type": "ListItem", "position": 4, "name": "He who attempts to draw any...", "item": "https://sms4smile.com/quotes/ernst-engel/he-who-attempts-to-draw-any-conclusion-whatever-as-to-the-nation-s/" } ], "@id": "https://sms4smile.com/quotes/ernst-engel/he-who-attempts-to-draw-any-conclusion-whatever-as-to-the-nation-s/#breadcrumb" }, { "@type": "WebSite", "@id": "https://sms4smile.com/quotes/#website", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "publisher": { "@id": "https://sms4smile.com/quotes/#organization" } }, { "@type": "Organization", "@id": "https://sms4smile.com/quotes/#organization", "name": "SMS4Smile Quotes", "url": "https://sms4smile.com/quotes/", "logo": { "@type": "ImageObject", "url": "https://sms4smile.com/quotes/wp-content/themes/sq/assets/icons/icon-512.png", "width": 512, "height": 512 } } ] } ```