Question

Campare adam smith and marshall definition

Answer 1

Answer:

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Alfred Marshall : He belongs to the group of neo - classical

economists. He challenged Adam Smith's Definition of economics and denied the wealth related definitions of Adam Smith . Thus according to according to Alfred Marshall "Economics is the study of people in the ordinary bussiness of life ".

Comparison : According to Marshall , economics is a science of material welfare .

He has focused on the role of mankind and wealth in economic life . While Robbins 's definition considered economics to be a study of scarcity and choice . While for Adam Smith it was concerned with nature and cause of producing wealth .

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