Compare between welfare definition and scarcity definition of economics in tabular form.
Answers
According to Marshall, economics is a science of material welfare. His definition has focused on the role of mankind as well as wealth in economic life. But Robbins's definition considered economics as a study of scarcity and choice.
The difference between welfare definition and scarcity definition of economics is as follows:
Marshall's welfare definition of economics:
“Political Economy or Economics is a study of mankind in the ordinary business of life, it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being.”
Robbin's scarcity definition of economics:
“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.”