Material Welfare Definition of Economics
Marshall's Definition of economics The wealth definition given by Adam Smith and his followers have been too much criticized by various economists in several grounds. In this regard, Alfred Marshall, a British economist and the leader of neoclassical economists tried to enlarge the scope of economics by shifting the emphasis from wealth to mankind. He wrote a book on the subject named "Principles of Economics" published in 1890 AD. According to him, '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 material requisition of well being. It's on the one side a study of wealth and on the other and most important side a part to a study of man'. This definition was supported by various neo-classical economists like A. C Pigou, Irving Fisher, Edwin Canon etc. Features and characteristics of material welfare definition.... ...