Economicss is a popular, utile and important societal survey. It surveies economic activities of a adult male. Economic activities are those activities, which are concerned with the efficient usage of such scarce agencies as can fulfill the wants of adult male. Human wants are limitless, in the sense, that every bit shortly as one privation is satisfied another crops up. Most of the agencies of fulfilling these wants are limited, because their supply is less than demand. These agencies have alternate utilizations ; there emerge a job of pick. Everybody has to do a pick respect to the usage of his scarce means so that he may acquire maximal satisfaction from them. In short, Economics is the survey of those activities of human existences, which are concerned, with the satisfaction of limitless wants by using limited resources.
Economicss is non concerned with exanimate affair, as is the instance with natural scientific discipline like
natural philosophies and chemical science.
Development of Economicss:
The term ‘Economics ‘ is derived from two words of Grecian linguistic communication, viz. , Oikos ( Household ) and Nemein ( to pull off ) intending thereby Household direction. Earlier two used to be called as political economic system. As a scholarly topic, the survey of economic sciences is barley 200 old ages old. The signifier of economic science surveies today is shaped by ADAM SMITH, the laminitis of modern Economics. His celebrated book, “ an question into nature and causes of wealth of states: ” was published in 1776.
In 1933, Prof. Ragnar Frisch, the celebrated economic expert of Oslo University Norway, divided
the survey of economic sciences into two parts-
1. Microeconomicss besides known as Price Theory
2. Macroeconomicss besides known as Theory of Income and Employment.
Definition of Economicss:
It is hard to give an accurate definition of economic sciences. A trial of good definition is that it delimits boundaries of the topic clearly and right. In the words of Seligman, “ Economics has suffered more than any other subject from the unease of polemics about definitions ” . In this regard Barbara Wootton ‘s comments, “ whenever six economic experts gather there are seven sentiments ” , appears to be rather pertinent.
There are two distinguishable attacks of the economic experts in regard of the definition of
economic sciences
1. No demand of specifying economic sciences
Harmonizing to some modern economic experts the topic of economic science has been turning continuously. It will hence be improper to restrict its growing to the confines of a given definition.
2. Necessity of specifying economic sciences
Most of the economic experts agree with a position that specifying economic sciences is a must as it becomes possible to analyze of a topic, cognition of it scientifically and decently. Nobel laureate Prof. Samuelson observes, “ Novices frequently wants a short definition of economic sciences and in response to this demand there is no deficit of supply ” .
In order to ease the survey, definitions of Economicss have been loosely divided into
four parts:
1 ) Wealth Definition – Adam Smith
2 ) Welfare Definition – Marshall
3 ) Scarcity Definition – Robbins
4 ) Growth Oriented Definition – Samuelson
ADAM SMITH DEFINITION OF ECONOMICS AS SCIENCE OF WEALTH
Harmonizing to classical Economists like Adam Smith, J.B. Say, Walker, J.S. Mill etc. economic sciences is a topic that surveies nature of wealth and its production, ingestion, exchange and distribution etc.
Definitions:
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Adam Smith, “ Economics is an question into the nature and causes of wealth of
states ” .
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J.B. Say, “ Economicss is the scientific discipline which treats Wealth ” .
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Walker, “ Economicss is the organic structure of cognition which relates to wealth ” .
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Senior, “ The topic Treated by political economic sciences is non happiness but wealth ” .
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J.S. Mill, “ Economicss is the practical scientific discipline of production and distribution of
wealth ” .
Features
1 ) Economics is the survey of wealth merely. It deals with ingestion, production, exchange and distribution. It gives primary topographic point to wealth and secondary topographic point to survey of adult male.
2 ) Nature or Meaning of Wealth. Merely such material trade goods constitute wealth are scarce and utile. Material goods are those goods which can be seen or touched, for illustration fabric, furniture etc. Non – material goods like services and free goods like air and H2O are non wealth.
3 ) Causes of Wealth. Economicss seeks to look into the causes that lead to increase
of wealth. There are two ways of increasing wealth:
a. By increasing the supply of goods through big – graduated table production made
possible by salvaging the trade good
B. By increasing the demand for goods through extension of market.
4 ) Economic adult male The protagonists and followings of wealth definition of economic sciences have imagined such a adult male who is to the full cognizant of his ego – involvement and who makes persistent attempts to accomplish his selfish terminals to the upper limit. Such a adult male is called economic adult male.
Merits:
The chief virtue of wealth definition is that it has helped develop economic sciences as an extended and independent survey refering jobs of wealth. Economicss had non developed as an independent and of import survey before 1776. Previously economic sciences used to be treated as a survey covering with wealth acquiring, trade and agricultural activities of the province. Harmonizing to wealth definition the intent of the survey of economic sciences is to increase the prosperity of both single and the province.
Criticisms:
I.
More accent on wealth This definition has given more importance to wealth
than to adult male. Wealth takes precedency over adult male. In fact, wealth is a agency to
satisfy adult male ‘s wants. Man, non wealth should hold been given greater importance.
two.
Narrow significance of wealth Harmonizing to this definition wealth means merely
touchable goods such as apple, furniture, desk, fan etc. Non – stuff goods or
services like that of physician, nurse, attorney etc. have been excluded from it.
three.
Concept of Economic Wealth Wealth definition of economic science is based on the
construct of economic adult male. But harmonizing to Marshall and his followings such as economic adult male who works for his selfish motivations entirely is non found in existent life. Economicss is hence is a survey of existent societal homo being and non of economic adult male.
four.
Disregard of public assistance This definition attaches no significance to the survey of
economic public assistance of society. It lays excessively much accent on the survey of wealth – acquiring activities entirely. It pays no attending to the economic well – being of the society by proper usage and just distribution of wealth.
V.
Disregard of the job of scarceness and Choice. This definition wholly
ignores the survey of two chief characteristics of economic activities, viz. : Scarcity
and Choice. Privations being limitless and economic goods holding several utilizations
being limited, there arises the job of pick.
six.
Disregard of agencies to achieve wealth This definition chooses attainment of wealth
as the exclusive intent of economic sciences, but it does non stipulate the agencies, which should be adopted to get wealth. This definition gives no clear indicant as to whether wealth obtained through legal or illegal agencies. As a affair of fact, economic sciences surveies entirely those agencies of wealth – acquiring which are lawful and merely.
seven.
Narrow capable – affair This definition has restricted the range and capable –
affair of economic sciences. In fact it does non analyze the acquisition of stuff goods
entirely. But as it should encompass both material goods every bit good as non – stuff
services.
In short, economic sciences is non simply a survey of wealth. Wealth – definition of economic sciences is
rather obscure and narrow.
MARSHALLS WELFARE DEFINITION
Neo – classical economic experts like Marshall, J.S. Mill, Pigou, Cannan etc. have included in the range of economic sciences those activities of adult male which are undertaken to get stuff goods which promote the public assistance of adult male sort.
Definitions:
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In the words of Marshall, “ Economics is a survey of world in the ordinary
concern of life ; it examines the portion of single and societal action which is most closely connected with the attainment and with usage of stuff necessities of good being. ”
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Harmonizing to Cannan, “ The purpose of political economic system is the account of the
general causes on which the stuff public assistance of human existences depends. ”
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Harmonizing to Penson, “ Economicss is the scientific discipline of stuff public assistance ”
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In the words of Beveridge, “ Economicss is the survey of general methods by
which adult male co- operate to run into their stuff demands ”
Features:
1.Importance to the survey of Man These definitions have accorded more importance to the survey of adult male than to wealth. Wealth is simply a agencies to fulfill wants of the adult male.
2.Study of Social Man In economic sciences, one surveies the economic activities of those work forces who live in the society. Individual and corporate activities of such work forces that are portion and package of the society are studied in economic sciences.
3.Ordinary concern of life This means those economic activities of adult male which are
largely concerned with wealth – acquiring and wealth – disbursement.
4.Study of existent adult male Economics surveies existent adult male who possesses several virtuousnesss, believes in societal public assistance and is influenced by economic and non – economic motivations.
5.Material necessities Economics surveies those activities of the adult male which are
closely connected with material necessities of good – being.
6.Welfare Economicss surveies those stuff means which promote human public assistance. Economicss is a topic of adult male ‘s stuff good being. It is most closely connected with attainment and the usage of the stuff necessities of good – being.
7.Science and Art Harmonizing to these definitions, economic sciences is both a scientific discipline and an art. It is a positive scientific discipline as it undertakes systematic survey refering stuff public assistance of human public assistance of human existences. It is besides a normative scientific discipline, as it undertakes to analyze these suggestions that help to advance stuff public assistance. It is besides an art as it informs those Torahs that augment economic public assistance.
8.Classificatory These definitions have divided the economic sciences activities of adult male into two categories that is ordinary and extraordinary ; public assistance and non public assistance, stuff and immaterial ; societal and single etc.
9.Money is the step of Material Welfare Harmonizing to Pigou, stuff or economic public assistance is that portion of societal public assistance which can be measured straight or indirectly with the mensurating rod of money.
Merits:
Welfare definitions of economic are more relevant, comprehensive and scientific than wealth definitions. Recognition for transforming economic sciences as a Science of Human Welfare from a Science of Wealth goes to these definitions. Welfare definition stresses the fact that economic does non analyze wealth entirely instead it surveies human public assistance every bit good. Thus public assistance definition has accorded economic sciences a position of a superior societal scientific discipline. Consequently Economics is being regarded as “ an engine of societal improvement ” .
Criticisms:
I.
Sing Ordinary concern of life The significance of the term is non clear.
Marshall has used this term to mean economic activities, that is, activities
concerned with wealth – earning and wealth – disbursement.
two.
Limited Scope This definition had narrowed the range of economic sciences. Economicss
need non restrict itself entirely to the survey of attainment of material goods.
three.
Uncertain construct of public assistance The construct of public assistance is equivocal, unsure
and impermanent. Survey of stuff public assistance renders economics as an unsure scientific discipline. The construct of public assistance belongs to the kingdom of psychological science. It varies with clip, topographic point, conditions and individuals.
four.
Economicss is a Human Science It surveies the economic activities of those work forces
who live in society, is besides incorrect. It surveies economic activities of all human
existences whether they are members of society or non.
V.
Economicss is merely a Positive Science Economics is the map of Ethical motives.
Economicss does non give any hint to work out economic jobs. It is ‘neutral
between terminals ‘ . It is incorrect to name it normative scientific discipline or an art.
six.
Impractical Its premise that those activities of adult male are studied in it which are
concerned with his well -being is incorrect. It is non so form practical point of position. Economicss surveies all those activities which are related to income – disbursement by adult male, whether they promote his well being or non.
In short public assistance definition of economic sciences is superior to wealth definition but
harmonizing to Lord Robbins it is Classificatory and Narrow Definition.
ROBBINS SCARCITY DEFINITION
With respect to Scarcity definition of economic sciences, Austrian economic experts Menger, Petter and English economic experts Stigler had expressed his positions but it was examined in inside informations by Prof. Robbins in his book “ An Essay on the Nature and Significance of Economicss Science ” published in 1932.
Definitions:
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Harmonizing to Lord Robbins, “ Economics is a scientific discipline that surveies human
behaviour as a relationship between terminals and scarce agencies which have option
utilizations ” .
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In the words of Harvey, “ Economicss is the survey of how work forces allocate their
limited resources to supply for their wants ” .
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In the words of Scitovosky, “ Economics is a scientific discipline concerned with the
disposal of scarce resources ” .
Features:
1.
Unlimited Privations or Ends By Ends, Robbins means wants. In economic sciences,
wants of adult male are concerned with goods and services. These are called economic wants. There are no bounds of these wants. As one is satisfied another one crops up. This concatenation of wants is eternal. Economicss is concerned with the satisfaction of economic wants irrespective of their being virtuous or otherwise.
2.
Limited or scarce Means Privations are greater than agencies. As the Demand is
more than the supply.
W = Privations
M = Meanss
& gt ; = Greater Than
3.Alternative Uses of Means These Scarce agencies have alternate utilizations. Eg. Milk
we know agencies, is a agency. It can used for fixing Butter, curd, cheese etc.
4.Wants Differ in Urgency Man has several wants, but at any given clip one of these wants may be more pressing and of import than other wants. As such wants differs in urgency. A individual wants for his ill kid, medical specialty, milk and fruit.
5.Economic Problem When all four features of human life ; viz. , limitless wants, scarce agencies, alternate utilizations of agencies and different urgency of wants become operative, there arises the job of pick. One has to do a pick as to which desire to be satisfied first and by what means. Problem of pick devising is called economic job.
6.Opportunity Cost Definition tells us that it is due to the job of pick that in order to carry through one privation we have to predate another. We can non carry through all our wants ( terminals ) at the same time. The chance cost of a thing is ever expressed in footings of the following best alternate foregone.
Merits:
1 ) Positive Science As the Definition explains the nature of economic activities. It is impersonal with respect to public assistance. It is soundless about value – judgement. It is neither a normative scientific discipline nor art. It is merely a positive scientific discipline.
2 ) Survey of Human Behavior The definition has a survey of human behaviour alternatively of a survey of a societal adult male. Economics surveies the economic activities of all human existences whether life in or out of society. Economics surveies the behaviour of adult male both at single and societal degree.
3 ) Analytic Economic jobs arise because terminals ( wants ) of adult male are limitless but the agencies to fulfill them are non merely scarce but besides have alternate utilizations. Man has to do a pick with respect to terminals and scarce agencies. This definition is a scientific analysis of the beginning of economic jobs and their solution.
4 ) Wider Scope Economics encompasses all kinds of economic activities whether they are related to material goods or non – stuff services ; whether they are contributing to good – being or non.
5 ) Universal This definition is concerned with the job of limitless terminals ( wants ) and scarce agencies. This job is found at any topographic point and in any type of economic system, that is capitalist economy, socialism etc.
6 ) More logical account of economic Problem This definition has offered a more logical and precise account of the nature of economic sciences. Economic job does non originate due to material good – being. It arises chiefly due to the scarceness of agencies in relation to their demand. Problem of pick or Evaluation, which is the chief job of economic sciences, arises because of scarceness of agencies and tier alternate utilizations.
Criticisms
I.
Ignores Social Aspect of Economic Activities Robbins definition ignores
the societal facet of economic activities. Robbin is incorrect when he holds that the activities of those who live outside the society besides form portion of the survey of economic sciences. Need of the survey of economic sciences is felt merely when economic jobs assume societal significance.
two.
Economicss is non impersonal as respects Ends Economics is societal scientific discipline.
Economists have to articulate their judgement as to which terminals are baronial and which 1s are basal and so need be discarded. In the words of Thomas, “ The map of an economic expert is non merely to research and explicate, but besides to recommend and reprobate ” .
three.
Concealed Concept of Welfare This definition refers to maximization of
satisfaction or public assistance as relates to the survey of economic sciences to apportioning the scarce
agencies into alternate utilizations in such mode as to acquire maximal satisfaction.
four.
Very Wide range of Economicss It has unnecessarily widened the range
of economic sciences. If economic sciences is to be considered as the survey of pick of all kinds of scarce agencies, so it would go hard to make up one’s mind which action of adult male is to be studied and which is to be left out.
V.
Not merely a Positive Science Definition asserts that economic science is a positive
scientific discipline that concerns itself with mere pick – devising rating and that it has
nil to make with moralss or public assistance of adult male.
six.
Division of Personality The definition has splitted the personality of
economic experts into two parts: as an economic expert where he merely analyses economic phenomenon and does non trouble oneself about its good or bad effects, and as a citizen when he expresses its good or bad effects. But personality can non be so divided
As when the economic phenomenon is analyzed, its good or bad effects are besides
judged.
seven.
Impractical This definition has rendered economic as impractical topic.
It is known to all of us that want are limitless and agencies are scarce. Economic can non give any advice in this regard. If it is so, so economic sciences has no practical public-service corporation.
eight.
Scarcity is non the cause of Economic Problem This definition is based
on incorrect premise that scarceness is the chief cause of rousing of economic jobs. Many of import jobs such as the job of unemployment and depression are economic job but they arise non due to scarceness.
nine.
Study of Static Condition Harmonizing to this definition means and terminals
are assumed to be changeless. Consequently, this definition has made economic sciences a inactive survey. As in existent life agencies and terminals are ever altering. Economic growing is chiefly due to uninterrupted alteration in the agencies.
ten.
Not to the full applicable to Rich Countries This definition does non use to
rich states because in those states many economic job arise due to
plentifulness and non scarceness.
eleven.
Not applicable to under – developed Countries This definition is
unsuitable to under developed economic systems as the job in these economic systems is
to do proper usage of their resources.
twelve.
Not applicable to Centrally Planned Economics This definition has
small relevancy to centrally planned economic sciences because the duty of pick doing vets with the society as a whole and non with an person. Under planned economic systems adult male ‘s economic actions are non ever based on his rational behaviour, instead the same are determined by the authorities policies.
thirteen.
Complex and Abstract This definition has made economic sciences a complex
and emotionless topic. It is a definition of economic sciences for economic experts. It has no
public-service corporation for an ordinary adult male.
fourteen.
Use of Words ‘Means ‘ and ‘Ends ‘ The difference between the words
terminals and agencies is non clear. A thing may be a mean at one clip and an terminal at
another clip.
In short, Robbins definition is a scientific and analytical definition of economic sciences. Its chief defect is it has treated economic sciences as a mere theoretical survey. It has ignored the practical or welfare facet of economic sciences. In fact, economic sciences can non be separated from its public assistance content.
GROWTH ORIENTED DEFINITIONS
Harmonizing to modern economic experts like baronial value – victor Prof. Samuelson, Benham Lipsey, Steiner, Ferguson etc. both the jobs refering nature of scarce agencies and their proper usage are the topic of survey of economic sciences. Problems of the present usage of scarce resources is chiefly a job of pick – devising and the job of their hereafter growing is a job of economic growing. Consequently, economic sciences is concerned with Choice – devising and economic growing.
Definitions
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In the words of Nobel award victor Prof. Samuelson, “ Economicss is the survey of how people and society end up taking with or without the usage of money, to use scarce productive resources that could hold alternate utilizations, it produces assorted trade goods over clip and distributes them for ingestion, now or in the hereafter, among assorted individuals and groups in society. It analyses costs and benefits of bettering forms of resources allotment. ”
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Harmonizing to Benham, “ Economicss is the survey of the factors impacting
employment and criterion of life ” .
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C.E. Ferguson has defined economic sciences in these footings, “ economic sciences is a survey of the economic allotment of scarce physical and human agencies ( resources ) among viing terminals, an allotment that achieves a stipulated optimizing or maximising nonsubjective. ”
Features
1.Economic resources These definitions underline the point that economic science is a survey of economic resources. These economic resources refers to natural, human and physical resources which satisfy human wants but are scarce and have alternate utilizations.
2.Efficient allotment of resources Choice – devising is the chief job of economic sciences. Efficient allotment and usage are the main aims of pick – devising.
3.Full use of resources Harmonizing to growing – oriented definitions, economic sciences is non concerned with the allotment of resources merely but besides with their full usage and employment.
4.Increase in resources This definition besides underlines the fact that the aim of economic sciences is to increase the quantum and productiveness of resources in future. This consequences in an addition in the growing rate of economic system, more employment and higher criterion of life
Merits
1 ) Realistic Explanation of economic job This definition offer realistic account of economic jobs. Economic jobs arise because wants are limitless but means to fulfill those wants are limited.
2 ) Science and Art Harmonizing to Samuelson, economic sciences is oldest among humanistic disciplines and
newest among the group of scientific discipline. In fact it is the queen of societal scientific disciplines.
3 ) Not Neutral as respects Ends As per these definitions, economic sciences welfare signifiers apart of the survey of economic sciences. Economic public assistance is that portion of general public assistance which is measured in footings of money. Economies surveies both stuff and non – stuff agencies of economic public assistance.
4 ) Practical These definitions have rendered economic sciences a more practical and utile topic. Economicss does non analyze economic job merely instead it suggests steps to work out them.
5 ) Dynamic These definitions have imparted dynamism to economic sciences. Study of economic sciences is non restricted to the present twenty-four hours jobs associating to ingestion, production, distribution, etc. of economic resources, but it surveies their hereafter jobs every bit good.
6 ) Universal These definitions are cosmopolitan. These are concerned with the
economic jobs of all types of economic systems, developed or developing.
7 ) Analysis of Economic Quantities Boulding holds that harmonizing to growing – oriented definitions of economic sciences, a major portion of the economic analysis relates to the probe of the forces finding the from of economic measures and their common dealingss.
In short, the above definitions of economic sciences are superior and comprehensive. Growth – oriented definitions of economic sciences include the virtues of the definitions as given by Marshall and Robbins. These definitions have given a more quantitative, dynamic and practical signifier of survey of economic sciences.
WHICH OF THESE DEFINITIONS IS THE BEST?
Different Economicss have given different definitions of economic sciences. Boulding is of the sentiment that any individual concise definition of economic sciences will be unequal. Of class to specify it as “ a survey of world in a ordinary concern of life ” is to give a really broad position of economic sciences.
Harmonizing to Adam Smith, “ economic sciences is a survey of wealth. Robbins is of the position that economic science is a scientific discipline that surveies human behavior as a relationship between terminals and scarce agencies which have alternate utilizations
Picking up the term wealth organize the definition of Adam Smith, ‘welfare ‘ from that of Marshall, ‘Scarcity ‘ from that of Robbins and ‘economic growing ‘ from that of Samuelson, an acceptable definition of economic sciences can be constructed in these words: “ Economicss is a topic that surveies those activities of adult male which are concerned worth the maximal satisfaction of wants or with the publicity of public assistance and economic growing by the efficient ingestion production and exchange of scarce agencies holding alternate utilizations. ”
SUM UP:
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WELFARE DEFINTION
Adam Smith, “ Economics is an question into the nature and causes of wealth of states ” .
Features:
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Economicss is the survey of wealth merely. .
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Nature or Meaning of Wealth.
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Causes of Wealth.
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Economic adult male
Criticisms:
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More accent on wealth.
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Narrow significance of wealth
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Concept of Economic Wealth
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Disregard of public assistance
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Disregard of the job of scarceness and Choice.
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Disregard of agencies to achieve wealth
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Narrow capable – affair
MARSHALLS WELFARE DEFINITION
In the words of Marshall, “ Economics is a survey of world in the ordinary concern of
life ; it examines the portion of single and societal action which is most closely affiliated
with the attainment and with usage of stuff necessities of good being. ”
Features:
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Importance to the survey of Man
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Study of Social Man
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Ordinary concern of life
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Study of existent adult male
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Material necessities
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Social welfare
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Science and Art
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Classificatory
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Money is the step of Material Welfare
Criticisms:
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Sing Ordinary concern of life
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Limited Scope
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Uncertain construct of public assistance.
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Economicss is a Human Science
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Economicss is merely a Positive Science
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Impractical
13
ROBBINS SCARCITY DEFINITION
Harmonizing to Lord Robbins, “ Economics is a scientific discipline that surveies human behavior as a
relationship between terminals and scarce agencies which have alternate utilizations ” .
Features:
aˆ?
Unlimited Privations or Ends
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Limited or scarce Meanss
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Alternate Uses of Meanss
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Privations Differ in Urgency
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Economic Problem
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Opportunity Cost
Criticisms
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Ignores Social Aspect of Economic Activities
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Economicss is non impersonal as respects Ends ” .
aˆ?
Concealed Concept of Welfare
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Very Wide range of Economicss
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Not merely a Positive Science
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Division of Personality
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Impractical
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Scarcity is non the cause of Economic Problem
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Study of Static Condition
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Not to the full applicable to Rich States
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Not applicable to under – developed States
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Not applicable to Centrally Planned Economics
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Complex and Abstract
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Use of Words ‘Means ‘ and ‘Ends
GROWTH ORIENTED DEFINITIONS
In the words of Nobel award victor Prof. Samuelson, “ Economicss is the survey of how people and society end up taking with or without the usage of money, to use scarce productive resources that could hold alternate utilizations, it produces assorted trade goods over clip and distributes them for ingestion, now or in the hereafter, among assorted individuals and groups in society. It analyses costs and benefits of bettering forms of resources allotment. ”
Features
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Economic resources
aˆ?
Efficient allotment of resources
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Full use of resources.
aˆ?
Addition in resources
Merits
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Realistic Explanation of economic job
aˆ?
Science and Art
aˆ?
Not Neutral as respects Ends
aˆ?
Practical
aˆ?
Dynamic
aˆ?
Universal
aˆ?
Analysis of Economic Measures
