Advantages and disadvantages of marshall's definition of economics
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MERITS OF MARSHALL'S DEFINITION
1. COMPREHENSIVE :-
Prof Marshall's definition is more better and comprehensive as compared to the Adam Smith definition.
2. STUDY OF HUMAN LIFE :-
According to this definition of economics studies the human life. So there is a particular objective of this subject which is human life.
3. IMPORTANCE OF SOCIETY :-
According to this definition society has been given much importance and all those people who earn and consume wealth have been discussed.
4. AN-ORDINARY MAN DISCUSSED :-
Economics is a social science which studies man's social life. Those people who do not perform social activities like saints and mad will not be studied in economics.
5. IMPORTANCE OF WELFARE :-
Marshall stresses on individual and collective welfare. This definition clusters round the welfare.
DEMERITS OF MARSHALL'S DEFINITION
1. NARROW SCOPE :-
According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics.
2. NON MATERIAL SERVICES IGNORED :-
It ignores the non material services like the services of teacher which has an important contribution of economic welfare.
3. NOT CLEAR :-
The distinction made in this definition between ordinary business of life is not clear.
4. SOCIETY IS DISCUSSED ONLY :-
According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.
5. CONCEPT OF WELFARE DIFFERS :-
There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.
1. COMPREHENSIVE :-
Prof Marshall's definition is more better and comprehensive as compared to the Adam Smith definition.
2. STUDY OF HUMAN LIFE :-
According to this definition of economics studies the human life. So there is a particular objective of this subject which is human life.
3. IMPORTANCE OF SOCIETY :-
According to this definition society has been given much importance and all those people who earn and consume wealth have been discussed.
4. AN-ORDINARY MAN DISCUSSED :-
Economics is a social science which studies man's social life. Those people who do not perform social activities like saints and mad will not be studied in economics.
5. IMPORTANCE OF WELFARE :-
Marshall stresses on individual and collective welfare. This definition clusters round the welfare.
DEMERITS OF MARSHALL'S DEFINITION
1. NARROW SCOPE :-
According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics.
2. NON MATERIAL SERVICES IGNORED :-
It ignores the non material services like the services of teacher which has an important contribution of economic welfare.
3. NOT CLEAR :-
The distinction made in this definition between ordinary business of life is not clear.
4. SOCIETY IS DISCUSSED ONLY :-
According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.
5. CONCEPT OF WELFARE DIFFERS :-
There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.
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Explanation:
According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics
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