Meaning: The quote by Nassau Senior, an influential economist of the 19th century, reflects his hope for the future recognition and understanding of the science of economics. In this quote, Senior expresses his belief that there will be a time when the principles of economics will be widely acknowledged and incorporated into education. The quote embodies Senior's vision for the development and establishment of economics as a formal and widely recognized discipline.

Nassau William Senior (1790–1864) was a prominent figure in the field of economics during the 19th century. He was known for his contributions to the study of political economy and his work in advancing economic theory. Senior held various positions, including professor of political economy at the University of Oxford, and he was influential in shaping the economic thought of his time.

In the quote, Senior conveys his optimism about the future of economics as a science. He anticipates a time when the "outline of this science" will be clearly understood and acknowledged. This reflects his belief in the potential for the systematic study of economic principles and the establishment of a coherent framework for understanding economic phenomena.

Senior's reference to the "nomenclature" of economics suggests his desire for a standardized and universally accepted terminology within the field. This indicates his aspiration for the development of a common language and classification system that would facilitate communication and comprehension among economists and students of the discipline.

Furthermore, Senior's assertion that the principles of economics will become a part of elementary instruction reflects his vision for the incorporation of economic education into mainstream curricula. He envisions a future where the fundamental concepts and principles of economics will be taught at an early stage, emphasizing the importance of economic literacy and understanding in society.

The quote also implies Senior's recognition of the evolving nature of economics. He anticipates a time when the principles of economics will be "clearly made out," suggesting that the science of economics is a dynamic and progressive field that will continue to advance and refine its principles over time.

Senior's hopeful outlook on the future of economics reflects his belief in the potential for the discipline to attain greater recognition and influence. His vision aligns with the ongoing development and expansion of economics as a formal academic discipline, as well as its growing relevance in addressing real-world economic challenges.

In conclusion, Nassau Senior's quote encapsulates his optimism and vision for the future of economics as a science. His hope for the recognition, understanding, and widespread teaching of economic principles reflects his belief in the potential for economics to become a well-established and essential field of study. This quote not only captures Senior's aspirations for the development of economics but also resonates with the ongoing evolution and significance of the discipline in contemporary society.