Why Robbins's definition is superior than other definitions?
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....