Robbin's Definition of Economics

Definition:

Economics is a science which studies human behaviour as a relationship between multiple ends and scarce resources.
Following are the important points of his definition.

1-Multiple Ends.
2-All Wants Are Not Equally Important.
3-Scarce Resources.
4-Alternative use of Resources

This definition highlights the existence of economic problem.

Merits:

Following are the merits of his definition,
1-It clearly identifies the existence of economic problem in a most comrehensive manner.
2-I extended the scope of Economics.
3-It helps to analyse the economic problems of people.

Demerits:

1-Robbin has tried to make Economics a pure positive science where as it is a social science.
2-Robbin's definition deals with the ends,means and there alternative uses.He is not concerned with the welfare of people.
3-He says that resources of all types are limited but some are unlimited like labour.

This information is taken from the book of Economics written by Abdul Haleem Khawja.

DR. Alfred Marshall's Definition of Economics

Definition:

Economics is a science which studies human behaviour in ordinary business of life, it examines that part of individual action which is most closely connected with the attainment and with the use of material requisite of well being.
These are the important points of definition.

1)Ordinary Business of Life
2)Analysis of Economic Activities
3)Attainment and the Use of Material Requisite
4)Well Being or Welfare of Society

Criticism:

The point of his criticism are as follows:
1-It limits the scope of Economics.
2-Material requisite which do not promote welfare are excluded.
3-Welfare is not measurable concept.
4-Problems in policy making.


This information is taken from the book of Economics written by Abdul Haleem Khawja.

Adam Smith's Definition of Economics

Wealth of Nation:

Adam Smith wrote a book in 1776 whose title was "Wealth of nations".In this book he discussed the word "wealth" through its four aspects,

1)Distribution of Wealth

2)Production of Wealth

3)Exchange of Wealth

4)Consumption of Wealth

Criticism on Adam Smith's Definition of Economics:

Two literary figures, Carlyle and Ruskin, were the maincritics on Economics.They raised hue and cry against it.They said that Economics is a "dismal science".It is just he science of "bread and butter".

Evaluation of Criticism:

The criticism was not completely justifiable. It seems to be sentimental and not logical.The reason was that they saw the negative side of picture.Wealth itself is not bad.Its use could be good or bad.

This information is taken from the book of Economics written by Abdul Haleem Khawja.

Nature and Scope of Economics

Definition of Economics:

In old days people use the word "oikonomos" for the management of house affairs.With the development of civilization rulers thought that "oikonomos" be extended from house to frontiers of a country.Many economists wrote books on Economics and gave different definitions of Economics.All these definitions are put in three catagories.

1)Definition of Classical School of Thought led by Adam Smith.

2)Definition of NEO Classical School of Thought led by Alfred Marshall.

3)Definition of Economics given by Loinel Robbins.


This informaion is taken from the book of Economics Writen by Abdul Haleem Khawaja.