describe economic welfare
Answers
Answered by
1
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expandsthe field of economic science to a larger study of humanity. Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. In the words of Marshall, "man earns money to collect wealth and spends those earnings to get maximum satisfaction." This is why economists since Marshall have described his definition as the welfare definition of economics. This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone.
In his widely read textbook, Principles of Economics, published in 1890, Marshall defines economics as follow
"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 material requisites of well-being".[1]
In his widely read textbook, Principles of Economics, published in 1890, Marshall defines economics as follow
"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 material requisites of well-being".[1]
mohak121:
mark brainlist plz
Answered by
2
Hey,
Ur answer is here,
Economic welfare is the level of prosperity and standard of living of either an individual or a group of persons with the help of money.
Hope it helps you ☺️
Ur answer is here,
Economic welfare is the level of prosperity and standard of living of either an individual or a group of persons with the help of money.
Hope it helps you ☺️
Similar questions