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.