These definitions were defective because they gave abundant importance to wealth. As wealth isn't everything, it solely leads to attain welfare of human. So it is man an that is that the aim all of the economic activities.
Professor Dr. Alfred Marshall was the primary economist who gave a logical definition of economics. He defined economics as: "A study of mankind in standard business of life, it examine that part of individual and social actions which is closely related with attainment and use of material requisites"
CHARACTERISTICS OF DEFINITION:
This definition gave a new direction to the study of economics. Following are the vital characteristics of definition.
1. A Social Science
This Definition makes economics a social science. It is a subject matter that is concerned with the folks living in society. In keeping with Marshall, because the behavior of mortals isn't same repeatedly so principles of economics cannot be formulated like the laws of sciences. Any laws of economics aren't as exact because the laws of natural sciences. Because of this it is a social science.
2. Study Of Man
Economics is related to man; so it is living subject. It discusses economic issues and behavior of man. In step with Marshall it studies the behavior of man In ordinary business of life.
3. Wealth As A Means Of Material Well Being
According to Marshall, wealth isn't the ultimate objective of human activities and therefore we generally tend to don't study wealth, for the sake of wealth. So according to this definition we tend to study wealth as a supply of attainment of material welfare.
4. Economics And Welfare
This definition makes economics a welfare oriented subject. We tend to are concerned solely with those economic activities which do not promote material welfare of human beings are out of the scope of economics.
5. Materiality
Marshal stresses upon the concept of "material requisite of well being". Thus according to the current definition all economic activities resolve round the acquisition and use of fabric merchandise like food, clothing etc. because they increase welfare of human beings. On the other hand non-material requisites of human life like education, recreation are ignored.
6. Normative Outlook
According to this definition economics ought to take care of fine and unhealthy aspects of economic activities and therefore involve itself in "what should be and what ought to not be". This can be known as normative aspect of economics.
CRITICISM
"Robbins and other many economists severely criticized this definition on following grounds."
1. Restricted To Material Welfare
This definition limits the subject of economics to material welfare of people. But the subject of economics isn't restricted to the study of fabric welfare of human beings. Actually both material and non material aspects of wellbeing are studies in economics.
2. Imprecise Concept of Welfare
The concept of welfare employed in this definition is additionally not clear. The welfare of men is not restricted to the attainment of fabric requisites. There are many different factors that have an result on the human welfare. Any the word "welfare" has completely different that means for different persons and completely different societies. Thus we cannot outline economics using an unclear concept of welfare.
3. Restricted Scope
This definition has created the scope of economics limited. Solely those activities are studied in economics which are geared toward the attainment of material requisites of well being. Additional it ignores the economic activities of a person not living in society. Attainment of non material requisites of human well being fall out of the scope of economics. This division of fabric and non material aspects of human welfare is not correct.
4. Economics And Welfare
In line with Robbins the study of economic activities on the premise of welfare is not good. It's not the duty of an economist to pass verdict that what is conducive to welfare and what's not. Therefore per Robbins "Whatever Economics is concerned with, it's not involved with causes of fabric welfare as such.
5. Moral Judgment
During this definition Marshall makes economics a theme which considers the correct and wrong facet of economic activities. In step with Robbins economics in neutral as regards ends and it's not the perform of an economist to pass ethical judgments and say what is good and what is bad.
6. Unrealistic
This definition appears to be unrealistic as we analyze it critically. The unclear concept of welfare, the division of ends into material and non material, the strain on sensible and unhealthy, the concept of man living in society etc. all these concepts put unnecessary restrictions and create the scope of economics limited. These ideas make the definition unrealistic.
Author Resource:-
Link :
Chuck Carter has been writing articles online for nearly 2 years now. Not only does this author specialize in Economics, you can also check out his latest website about:
![[Valid RSS feed]](http://article2008.com/images/feed-icon.png "XML Feed For RSS"){kind=icon}
![[Valid RSS feed]](http://article2008.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites