Definition of economics- wealth, welfare, growth and scarcity?
Answers
Economics is a social science which deals with the production, distribution and consumption. There are many definitions of economics given by many economists.
According to the father of Economics Adam Smith Economics is a science of wealth. It deals with production, distribution and consumption of wealth.
The welfare definition of Economics has been given by Economist Alfred Marshall. According to him Economics deals with welfare of the people.
The scarcity definition has been provided by Joan Robinson. Economics deals with the management of scare resources in order to attain maximum satisfaction.
The English word economics is gotten from the antiquated Greek word oikonomia-meaning the administration of a family or a family. Economics, as an investigation of abundance, got incredible help from the Father of economics, Adam Smith, in the late eighteenth century.
- Following the mercantilist custom, Adam Smith and his adherents viewed economics as a study of wealth that concentrates on the course of creation, utilization, and gathering of riches. Like the mercantilists, he didn't accept that the abundance of a country lies in the aggregation of valuable metals like gold and silver.
- Alfred Marshall in his book 'Standards of Economics distributed in 1890 put accentuation on human exercises or human welfare rather than on riches. Economics concentrates on just the 'material' part of human welfare which is quantifiable as far as the estimating bar of cash. It ignores different exercises of human welfare not quantifiable as far as cash.
- As per Robbins, neither abundance nor human welfare ought to be considered as the topic of economics. His definition runs as far as scarcity: "Economics is the science which concentrates on human conduct as a connection among closes and scarce means which have elective uses." The means or the assets to fulfill needs are scarce according to their requests. Had assets been copious, there would not have been any economic issues. In this way, scarcity of assets is a crucial economic issue to any general public.