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What is difference between Adam smith and Alfred Marshall on economics definition?
Wiki User
∙ 11y ago
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.
Wiki User
∙ 11y ago
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