1. Economics as has been defined by Adam Smith.
Adam Smith the forefather of the economists, regarded Economics as a science which studies the process of production, Consumption, distribution and exchange of wealth. According to him, Economics inquires into the factors those determine wealth of a country and its growth.
The definition of Economics as science of Wealth cased a great deal of confusion and misunderstanding in 17th & 18th centuries. Actually at that time religion and ethics had a strong hold. wealthy and riches were looked upon as sordid and mean objects. Since science of Economics was defined as a science of wealth, therefore it was several criticized by men of letters of the 19th century, like Ruskin, Carlyle and Mathew Arnold.
2.Economics as has been defined by Prof. Marshall.
"Economics is the study of mankind in the ordinary business of life. It examines that part of individual an social action which is not most closely connected with the attainment and use of material requisites of well being."
Main Features
Firstly, it is a study of ordinary person living in a society. It does not study of isolated individual.
Secondly, It studies only the economic aspect of human being and does not have any concern with any other aspect like religious, social and political. Strictly speaking, it relates to how the man earns his income and how he spends it.
Thirdly,it studies only material requisites of well-being or causes of material welfare.
Fourthly,it does not regard wealth as the be-all and the end-all of economics activities.Wealth is sought only for promoting human welfare.
3.Economics as defined by Robbins.
"Economics is the science of Human Behavior as relationship between ends and ascarce means which have alternative uses."
This definition is based on the following four basic propositions, i.e
- Human wants are unlimited.
- Means ( Resources) are limited to fulfill them.
- Wants are not equally important.
- Means have alternative uses.
what is real defineton of economic
ReplyDeleteeconomic is strangle itself with defenition...
DeleteEconomics is a social science deals with the study of mankind for alternative uses
DeleteEconomics is the study of an individual or a nation's wealth and its means/sources of wealth. by Syed Humza
DeleteEconomics is, on one side, a study of wealth; and on the other and more important side, a part of the study of man"
ReplyDeletenice
DeleteEconomics may be defined as the science that deals with the activities of a man in obtaining wealth for the satisfaction of his wants.
ReplyDeleteEconomics is the Management of Scarce Resources as per the Need of a Man.
ReplyDeleteEconomics is the study of human business activities,human needs and want and the management of human resources and value for the satifaction of mankind. By Prince.l.Anucha
ReplyDeleteNice
ReplyDeleteNice
ReplyDeleteThe role of a cultural media manager has appealed to the mass generation of socially-active internet users. It's hard not to. Especially when some might think that you can earn big bucks from posting Facebook updates. Hardly.
ReplyDeletecheck here