Monday, 23 May 2016

Definitions of Economics

Þ     Adam Smith (1723-90) defined Economics as follows:
“Economics is the science of wealth”. He is the author of the famous book ‘wealth of Nations ‘in 1976.He is known as the Father of Economics ,he was the first person who put all the economic ideas in a systematic way. It is only after Adam Smith, we study economics as a systematic science.
      Þ     Alfred Marshall’s Definition –Welfare Definition
Alfred Marshall (1842-1924) wrote a book Principles of Economics in 1990.In it; he defined economics as “a study of mankind in the ordinary business of life”. An altered form of the definition is “Economics is a study of man’s actions in the ordinary business of life”.
        Þ     Lionel Robbins’ Definition –Scarcity Definition
“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”
Robbins has given the above definition in his book ‘An Essay on the Nature and significance of Economic Science’.
       Þ     Samuelson’s Definition-Modern Definition of Economics
      “Economics is a social science concerned chiefly with the way society chooses to employ its resources, which have alternative uses, to produce goods and services for present and future consumption” 

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