Economics World

 Economics is a dynamic and social science. Various economists defined it in their own way in different period of time. Each definition has its own importance and features. So we can't criticize them relatively. Although Adam Smith's wealth definition criticised dismal science, it had played an important role in prosperity of various countries of Europe and America. Later, Alfred Marshall redefined economics as a science of material welfare. He claimed that wealth is for the benefit of mankind and mankind is not for the wealth. In 1932 AD, modern economics professor Robbins defined economics as a science of scarcity and choice. Robbins's definition is regarded as logical, scientific and superior than other definitions of economics due to following reasons:- 1. Scientific definition : Robbins's definition is more scientific than earlier definitions. It doesn't classify human activities into material- non material, economic- non economic, social- non social and so on....

 Robbins's Definition....  After criticizing Marshall's definition in his book "An Essay on the Nature and significance of Economic Science" published in 1932 AD. Professor Robbins gave his own views about economics. According to him, "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. " This definition is called modern definition, scientific and logical definition. It's regarded as superior than other definitions. This definition was supported by various modern economists like Barbara Wotton, Paul Samuelson, J. M Keynes, Mahabub Ul Haq etc.  Following are the major features of this definition:- 1. Unlimited ends:  The word 'ends' of this definition refers human wants which are unlimited. We can't satisfy all the wants at a time. When we satisfy single want, other wants immediately crop up. In this way, human wants go on increasing endlessly. Not only human wants ...