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2015-03-30 15:18:22
2015-03-30 15:18:22

"Political Economy or Economics is a study of mankind in the ordinary business of life. It examines that part of individual & social action which is most closely connected with the attainment & with the use of material requisites of well-being. Thus, it is on one side the study of wealth and on the other important side it is the study of man."

Marshall is the founder of neo-classical school of thought (or the welfare school of economics), and his followers are of the view that on the one hand economics is the study of wealth and on the other hand, it is the study of man, who is more important than wealth. Further they are of the view that material welfare is the primary aim of economics. So economics is the study of material welfare.

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The comparism between the definition of economics given by Alfred Marshall & Robbins is that it both studies human behaviors.


Alfred Marshall defines economics as, "The science which studies human behaviour as a relationship between ends and scarce means, which have an alternative use."


lionel robbin was the only critic of dr.alfred marshall's defination lionel robbin was the only critic of dr.alfred marshall's defination


i belive that it was Alfred Marshall but he also wrote a book called Principles of Economics in 1890.


economics is the study of mankind in the ordinary business of life.


Marshall Library of Economics was created in 1924.


In his ground-breaking treatise Principles of Economics (1890), Alfred Marshall promoted the neoclassical premises of price, output, and production, which are the basis for the "supply and demand" theory of economics.


It is beter than the former definitions. It is comprehensive and clear. It is a social science.


Alfred Marshall Bailey was born in 1894.


Alfred Marshall Bailey died in 1978.


Alfred Marshall died on 1924-07-13.


Alfred Marshall was born on 1842-07-26.


Political economy or matters of trade and profit is an investigation of humanity in the standard business of life. It analyzes that part of individual and social activity which is most nearly associated with the fulfillment and with the utilization of the material essentials of prosperity.


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Hans-Martin Niemeier has written: 'William Stanley Jevons und Alfred Marshall' -- subject(s): Economics, History, Neoclassical school of economics, Philosophy


Alfred marshall made a heroic assumption of 'cetris paribus' which means other things being equal/constant in economics. This assumption he used for the theories he put forth viz. theory of demand,theory of supply,theory of diminishing marginal utility,etc. Most of his theories come under the sub field- micro economics. The assumption of cetris paribus is the main, there are many others for each law besides cetris paribus.


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Marshall and Robbins have defined Economics in different ways but there are some similarities and differences between there definition which are mention below Similarities 1 Study of human activities Both Marshall and Robbins have given the primary place to human beings,both have ignored important of wealth and stressed in the human activities. 2 Wealth and scarce means There is no fundamental difference between wealth and scarce means.Robbins used the words scarce means and Marshall used the word wealth which signify the same meaning because in economics wealth includes only those items that are limited all scarce to fulfill the unlimited desires. 3 Maximum welfare and Maximum Satisfaction Marshall's definition reverse to the utilization of wealth for the promotion of maximum welfare and Robbin's definition referred to the utilization of scarce means for the maximum satisfaction therefore both their definitions signify the same meaning. 4 Human Behaviors Marshall's definition has studies the human social behavior whereas Robbin's definition definition has studies all types of human behavior therefore both definitions has studied the human behavior.


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