Economics is a science of wealth.
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.
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.
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.