Question

define welfare defination of economics given by professor Marshall​

Answer 1

Answer:

According to Marshall, economics is a science of material welfare where as i the view of Robbins economics is a science of choice.

Similarities :

1.Primary Place to man :

Both The definitions Have primary place to man. In the view of Marshall economics which studies the mankind in terms of wealth whereas according to Robbins, economics studies the human behavior as a relationship between ends and the scare means which have alternative uses. The objective of both definitions are to study the mankind.

2.Maximum Welfare:

Both the definitions concepts of maximum welfare directly or indirectly . welfare definitions aims to utilize wealth to achieve maximum material welfare and scarcity definition to utilize scare resources to achieve maximum satisfaction.

3.Wealth and scare means:

Marshall has used the word “health” Whereas Robbins has used the word “scare means” in addition to Wealth. But the meaning of both the words is the same, only the presentation is different.

Dissimilarities:

1.Economic and non-economic activities:

Marshall classifies the human activities into economic and non-economic. Economic activities are related to physical goods which increases material welfare. According to him, Economics only studies the material welfare. But according to Robbins, all the human activities are under the study of economics where scarcity and choice arise.

2.Social and human science:

According to Marshall, economics is a social science which studies ordinary business of life. It does not study the extra ordinary man like Robbins Cruseo. But, In the view of Robbins, Economics is a human science which studies all the human being who involved in the use if scare means to fulfill the unlimited wants.

3.Normative and Positive Science:

Marshall Regards economics as a normative Science. Thus, The economics have the Responsibility of making Value Judgment, their functions is to examine the right or wrong of an economic activity. Robbins regards economics as a positive science. Thus The economists have no Responsibility of value Judgment i.e their task is not to examine the right or wrong of an economic activity. Their Responsibility is to explain and explore not to suggest.

4.Application in different Economics:

Marshall’s definition is applicable only in capitalist economy where individual freedom is but Robbin’s Definition is applicable in all types economies such as socialist,capitalist, and mixed economic system.

Explanation:

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Answer 2

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British economist Alfred Marshall defined economics as the study of man in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind. He believed it was not a natural science such as physics or chemistry, but rather a social science.

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