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."
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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The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
economics is the study of human behaviors as a relation between ends and scarce resources that have alternative uses.
Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
it happened b.c of all the ruin and economics that were devasted between all of it.. it basically was a period of reconstruction
a comparison between 2 unrelated words using like, as, than, or resembles.
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Analogya comparison of the similarities between two otherwise dissimilar thingsDouble click analogy for a proper definition
An analogy is making a comparison between two things. An example would be comparing how a heart is like a pump.
Lionel Robbins led on frontal attack on the Marshallian view in the study of economics. The main points of criticism are: 1. Welfare is not measurable. It varies from individual to individual, person to person and age to age. A thing may give pleasure to a person but it may be harmful for the others. There is not any instrument for its measurement. Robbins criticizes the idea of welfare. It is difficult to decide what welfare is and what not welfare is. There are many activities which do not promote the human welfare but they are regarded economic activities e.g. the manufacturing and sale of alcohol etc. 2. Marshall's definition has limited the scope of economics. As according to Marshall economics is concerned only with material welfare. According to him all those activities which do not promote the material welfare are totally ignored. As they are immaterial. Robbins does not think it right for the economists to confine their attention to the study of material welfare, because in the actual study of economic principles, both the material and immaterial are taken into account. Robbins rejected Marshall's definition as being classificatory because it makes a distinction between material welfare and non-material welfare and says that economics is concerned only with material welfare. 3. As Marshal said Economics is a study of mankind in the ordinary business of life. It is difficult to know, what is the difference between ordinary course of business and extra ordinary course of business?
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Macro economics studies and deals with Micro economics
A metaphor is an implied comparison between one thing and another for literary effect. If the comparison dwells on multiple areas of comparison, it is an extended metaphor. "In the night sky of her face, her eyes were stars beneath the windblown rainclouds of her curling hair."
Internal economics is what come from inside the external economics what come from outside
Q. What do you know about development of theory of economic ? Ans. it will not be over state that economics is an unfinished science . with the passage of time there have been significant developments in economic theory and new subjects have been included in it. and this development includes three heads ; (i) wealth definitions (ii) welfare definitions, (iii) Scarcity definitions . I) wealth definitions : Adam smith who is known as father of economics named his famous book on economics as " an enquiry into the nature and causes of the wealth of nations" thus according to Adam smith, economics enquiry into the factors that determine wealth of the country and its growth. he analysis the wealth and riches of nation. Ricardo shifted the emphasis from the production of wealth to the distribution of wealth . II) Welfare Economics : Marshall has given emphasis on human welfare. Marshall state " Political economy & economics is the study of mankind in the ordinary business of life" it examines that part of individual and social action which is most closely connected with the attainment and with the use of materials requests of well being" three things are worth nothing in the above definition provided by Marshall. First it is a study of man as rich and not of wealth , secondly Marshall's definition implies that economics is concerned with a particular aspect of man's life, thirdly, it is a part of human life. III) Science of scarcity : Robbins has given definition about economics in his famous book " an Essay on the nature & significance of economics service" He state " economics is the science which studied human behavior as a relationship between wants and scarce means which have alternative uses." This definitions is based up on the following three facts :- (i) Unlimited wants, (ii) Scarce wealth and (iii) Alternative uses of means.
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