Definations of Economics -Features and Demerits PDF

Title	Definations of Economics -Features and Demerits
Author	Rishika
Course	economics
Institution	Vivekananda Institute of Professional Studies
Pages	1
File Size	39.9 KB
File Type	PDF
Total Downloads	72
Total Views	135

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Download Definations of Economics -Features and Demerits PDF

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WEALTH'DEFINITION'–'ADAM'SMITH' Features:'' • Economics'is'the'study'of'wealth'only.' • Nature'or'Meaning'of'Wealth' • Causes'of'Wealth' • Economic'Man' Merits:' ' ' ' The' main' merit' of' wealth' definition' is' that' it' has' helped' develop' economics' as' an' extensive' and' independent' study' concerning' problems' of' wealth.' ' Economics' had' not' developed' as' an' independent' and' important' study' before' 1776.' Previously,' economics' used' to' be' treated' dealing' with' trade' and' agricultural'activities'of'the'state.'According'to'wealth'definition,'the'purpose'of' the' study' of' economics' is' to' increase' the' wealth' (prosperity)' of' the' individual' and'the'state.' ' WELFARE'DEFINITION'–'ALFRED'MARSHALL' Features:'' • Importance'of'study'of'Man' • Ordinary'Business'of'Life' • Material'Requisites' • Money'is'the'measure'of'Material'Welfare' Merits:' ' ' Welfare' definition' of' economics' is' more' relevant,' comprehensive' and' scientific'than'wealth'definitions.'Credit'for'transforming'economics'as'a'Science' of'Human'Welfare'from'Science'of'Wealth'goes'to'these'definitions.' ' SCARCITY'DEFINITION'–'LIONEL'ROBBINS' Features:'' • Unlimited'wants'or'ends' • Limited'scarce'means' • Alternative'uses'of'means' • Economic'problem' • Opportunity'cost' Merits:' • Study'of'Human'Behaviour' • Analytical' • Wider'scope' • Universal' • More'logical'explanation'of'economic'problem' ' GROWTH'DEFINITION'–'PAUL'SAMUELSON' Features:'' • Economic'resources' • Efficient'allocation'of'resources' • FullVutilization'of'resources' Merits:' • Realistic'Explanation'of'Economic'Problem' • Practical' • Dynamic' • Universal'...