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Answered 2012-08-06 05:35:08
  1. Adam Smith [Wealth definition] - "A science which enquires into the nature and causes of wealth of nations."
  2. 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."
  3. Lionel Robbins [Scarcity definition] - "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
  4. 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."
  5. 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."
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