Early Economics

7/31/2019 Early Economics

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SCIENCE OF WEALTH


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Economics An enquiry in to the nature and cause of wealth of nations ADAM

SMITH

Economics deals with the phenomenon of wealth J.E.CAIRNES Economics is the science which treats of wealth J.B.SAYS Economics is that body of knowledge which relates to wealth

F.A.WALKER


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Importance given to wealth then mankind

At that time society considered wealth as evil

He ignored the human welfare as compared to wealth

Economics was supposed to teach selfishness andcame to be called dismal science


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ECONOMICS

SCIENCE OF HUMAN WELFARE


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Economics is a study of mankind in theordinary business of life it examines that partof individual and social action which is mostclosely connected with the attainment and

with the use of material requisites of wellbeing ALFRED MARSHALL


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Man occupies primary place and wealthsecondary

Marshall consider economic is only materialwelfare

Wealth is for promoting human

Economic is connected with ordinary man andwoman rather then a man whose only motive

is to acquire wealth


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CRITICISM OF THE DEFINITION OF ALFREDMARSHAL BY LIONEL ROBINS

Robins said that economic is connected withmaterial and non material welfare

Welfare is not measurable

Non welfare activities are also part ofeconomics


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Economics is the science which studies humanbehaviour as a relationship between end andscarce means which have alternative uses

LIONEL ROBBINS


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MAIN POINTS OF THE DEFINITION

OF ROBBINSHis definition was analytical rather then classifictory


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CRITICISM OF ROBBINS DEFINITION


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MORDERN DEFINITIONS OFECONOMICS


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WRITERS WHO GAVE DEFINITION OF MORDERN

ECONOMICS

LORD J.M.KEYNESPROFESSOR VINER

PAUL SAMUELSON


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CONCLUSION We have seen that no short definition of a growing science like

economics would serve the purpose after studying differentdifferent definitions we can say there are two types of definitionsone is narrow and other is broad

Narrow definitions based on wealth ,material welfare Broad definitions science of scarcityThus every time we face a dilemma therefore one may agree with

prof. viner definitionsEconomics is what economists do

Economics is the study of how societies use scarce resources toprovide valuable commodities and distribute them amongdifferent people

PAUL SAMUELSON


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Economics is the study of the administration of scare

resources and of the determinants of income andemployment it studies the causes of economic stabilitycould be promoted LORD J.M.KEYNES

Economics is what economists do PROF. VINER

Economics is the study of how societies use scarceresources to provide valuable commodities anddistribute them among different people

PAUL SAMUELSON

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Early Economics