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Economics was the science of wealth it is now science of human welfare State and explain?

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2009-02-07 17:51:49
2009-02-07 17:51:49

Because of the improvement or it means to know

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Economics is a science of wealth.



He defines economics as a political science in the production and distribution of wealth.


Define it as: the science of understanding how man maximises his outcomes in conditions of scarcity.


1. as ocial science 2.wealth as mean of material welfare 3.study of material welfare 4.economics is the end all of human activities 5. individualand collective activities 6. related to modern economics views 7.wider base 8.comprehension 9. clear arguments 10.ordinary business of life


science of the production and distribution of wealth.


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.


"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.


No. Economics is the study of exchanges, their motivations and their impacts. An understanding of economics will help you in almost all facets of life, including how to efficiently run a business.


Adam Smith [Wealth definition] - "A science which enquires into the nature and causes of wealth of nations."Alfred Marshall [Welfare definition] - "Political Economy or Economics is a study of mankind in the ordinary business of life; it xamines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus, it is , on the one side, a study of wealth and, on the other and more important side, a part of the study of man."Lionel Robbins [Scarcity definition] - "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."Paul A Samuelson [Growth oriented definition] - "Economics is the study of how people and society choose, with or without the use of money, to employ the scarce productive resources, which have alternative uses, to produce various commodities over tme and distribute them for consumption now or in the future among various people and groups in society."Pigou [Welfare definition] - "Economics is a study of economic welfare which is that part of social welfare that can be brought directly or indirectly into relationship with the measuring rod of money."


Economics is the social science concerned with the production, distribution, and consumption of wealth and the allocation of scarce resources in order to meet apparently unlimited human wants.


what is Economics? Economics is how wealth is developed, managed, and divided.


Economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management,(see related questions)(used with a singular verb) the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. 2. (used with a plural verb) financial considerations; economically significant aspects: What are the economics of such a project?Just to add to your knowledge: The word economics comes from a greek word Oikou-Nomos or O'konomiaThe definition of the word economics is "the branch of knowledge concerned with the production, consumption, and transfer of wealth."


Economics is the study of the mechanisms by which humans allocate resources. As such, it is a study of human behavior. Human behavior is not derived from physical laws (or, sometimes, even rational decisions), so it falls outside the realm of "hard" science.Economics is a social science because it is the study of the distribution of wealth, consumptive patterns, and means of production. Social stratification determine all of these attributes of economics, and thus economics is a social science.


Economics is the study of wealth and its distribution.



There are three attributes on wealth in economics. These may differ from what most people think of when they think of wealth. The attributes are marketability, scarcity, and utility.


Economics can help you in many aspects.The definition of economics is - "An inquiry into the wealth of nations"-Adam Smith Therefore economics helps us to understand the wealth scenario of environments not necessarily restricted by size.


Dr. Marshall is the founder of neoclassical school of thought.Hisfollowers are Cnon,Pgo,Pretoand Clark. Marshall cleaned all the black spots from this subject. He wrote a book " Principles of Economics " in 1878 and defined economic in following words:" Economics is a study of man's action in the ordinary business of life it inquires how he gets his income and how he uses it. It examines that part of an individual and social actions which is mostly closely connected with the attainment and with the use of material requisites of well being. Thus economics is on one side a study of wealth and on the other and important side a part of the study of man ".MAIN POINTS OF THIS DEFINITION1.Economics is interested in human welfare an not in wealth.2.It is a social science. A person who is cut away from the society is not the subject of study of economics.3.Economics does not study of all the activities of man. It only study ordinary business of life.4.Economics is a concerned with the ways in which a man works on natural resources for the satisfaction of material wants.MERITS OF MARSHALL'S DEFINITION1. COMPREHENSIVE :-Prof Marshall's definition is more better and comprehensive as compared to the Adam Smith definition.2. STUDY OF HUMAN LIFE :-According to this definition of economics studies the human life. So there is a particular objective of this subject which is human life.3. IMPORTANCE OF SOCIETY :-According to this definition society has been given much importance and all those people who earn and consume wealth have been discussed.4. AN-ORDINARYMAN DISCUSSED :-Economics is a social science which studies man's social life. Those people who do not perform social activities like saints and mad will not be studied in economics.5. IMPORTANCE OF WELFARE :-Marshall stresses on individual and collective welfare. This definition clusters round the welfare.6. UNEQUAL DISTRIBUTION OF WEALTH PROBLEM :-Prof. Marshall has also discussed to solve the problem of unequal distribution of wealth.7. IMPORTANCE TO MAN :-In this definition man has given primary importance and wealth has been given secondary importance which is used for the prosperity of man.8. WELFARE THE AIM :-According to this definition the aim and objective of this subject is the welfare of human being.Marshall says that economics explains those principles which enable a person to meet his desires by using the wealth. It is very useful for the prosperity of human being.CRITICISM :-For a long time this definition was accepted but in 1930 Robbins criticized this definition on the following grounds.DEMERITS OF MARSHALL'S DEFINITION1. NARROW SCOPE :-According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics.2. NON MATERIAL SERVICES IGNORED :-It ignores the non material services like the services of teacher which has an important contribution of economic welfare.3. NOT CLEAR :-The distinction made in this definition between ordinary business of life is not clear.4. SOCIETY IS DISCUSSED ONLY :-According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.5. CONCEPT OF WELFARE DIFFERS :-There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.6. UN MEASURABLE CONCEPT :-The measurement of welfare is not possible. One person can not explain that how much quantity of welfare he has received after spending 5$ on cinema ticket.7. WEALTH CONCEPT IS NOT CLEAR :-Prof. Marshall has not explained the meaning of wealth clearly.8. LIMITED CONCEPT OF WEALTH CONSUMPTION :-Man spends his income on two kinds of necessities. Some are materialistic while the other are non materialistic. But according to this definition non materialistic necessities are out of subject.9. QUESTION OF LIKES AND DISLIKES :-Prof. Robbins says that this definition creates the question of likes and dislikes and we are bound to do only those actions which are helpful in the material welfare.10. INVOLVES VALUE JUDGEMENT :-In this definition the word "Welfare" involves value judgement but according to Robbins economists are forbidden to pass any verdict



Economics is called a science because, Economics is a science that treats of those social phenomena that are due to wealth getting and wealth using activities of Man. The word "Economics" is derived from theGreeks word "Oikonomos" which means to manage the house. So it means the management of a household especially in those matters, which are relating to theincome and expenses of the family. After sometime, political economy term was also used for this topic and slowly political economy adopted the shape of Economics. There are numerous definitions of Economics offered from time to time but there is no clear and concise definition. Keeping in view this situation J.M. Keynes has rightly, stated " Political Economy is said to have strangled itself with definition." Production of wealth as to how goods and services are produced by combining the four factors of production. For example Mr. David wants to produce sugar willcombine the four factors of production. First of all, he purchases land, and then he purchases machinery and raw material. Then he employees labourers and organizes the business. After combining these factors he will produce sugar. Keeping in view the above discussion we may find that economics is a science of wealth in which we study wealth through its four aspects: production, exchange, distribution and consumption of wealth.


What is the study of production, consumption, and transfer of wealth? The answer would be economics.


== == == == the difference betwen Neo-classical and classical school is that: 1-CLASSICAL SCHOOL:-It is related to wealth and introduced by Adam Smith an economist of classical school. 2-NEO-CLASSICAL:-It is related to human welfare. Marshall, an economist, described that "Economics is a science of human welfare" and we call it the neo-classical view that is known as neo-classical school


Charles Lee Raper has written: 'The principles of wealth and welfare' -- subject(s): Economics 'Railway transportation' -- subject(s): Railroads, Railroads and state


Julian M. Sturtevant has written: 'Economics, or, The science of wealth' -- subject(s): Accessible book 'The keys of sect...'



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