define economic as a science of material welfare
Answers
Explanation:
Thus Marshall incorporated in his definition that economics “examines that part of individual and social action which is most closely connected with attainment and with the use of the material requisites of well-being.” It is the phrase material requisites of well- being that stands for material welfare.
Economics is a Science of Material Welfare (Marshall’s Definition)
Economics is a Science of Material Welfare!
Marshall is one of the economists who contributed a good deal too economic theory. Even his definition of economics occupies an important place in the literature of economics. Marshall was the first economist who lifted the science of economics from the disrepute it had fallen into due to its being associated with the study of wealth.
Marshall pointed out that, for economics, wealth is not an end in itself but it is only a means to an end; the end being the promotion of human welfare. Thus, according to Marshall, wealth is only a secondary thing, it is man and his ordinary business of life which is the primary object of economic study. In fact, Marshall tried to make the study of economics an engine of social betterment.