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”
Comments
Post a Comment
any suggestion on my side