Question

Difference between adam and marshall definition of economics

Answer 1

Explanation:

He belongs to the group of neo-classical economists. He challenged Adam Smith's definition of economics and denied the wealth related definitions of Adam Smith.

Thus according to According to Alfred Marshall “Economics is the study of people in the ordinary business of life”. Basically economics includes the study of labor, land and capital, income and production and taxes and government expenditures. Economist seek to evaluate the well being of rich and poor through learning to measure how well-being may increase overtime.

Adam Smith:

Adam Smith was the founder of classical economics and is also known as the father of economics as he was the first to recognize economics as a subject. “Economics is concerned with, An inquiry into the Nature and Causes of Wealth of Nations.” Thus he gave a high level of importance to wealth in the study of Economics. In his book “wealth of nation” he considered economics to be the study of production of wealth, distribution of wealth, consumption of wealth and exchange of wealth.

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Answer 2

In this question, we need to write the difference between Adam and Marshall's definition of economics.

• Marshal belongs to neo-classist economics and he even challenged Adam Smith's definition and denied his wealth-related definitions.

• According to Alfred Marshal “Economics is the study of people in the ordinary business of life”.
• Economics includes the study of labor, land and capital, income and production, and taxes and government expenditures.
• Economists seek to evaluate the well-being of rich and poor through learning to measure how well-being may increase over time.

• Adam Smith was the founder of classical economics and is also known as the father of economics as he was the first to recognize economics as a subject.
• “Economics is concerned with, An inquiry into the Nature and Causes of Wealth of Nations.”
• Thus he gave a high level of importance to wealth in the study of Economics. In his book “wealth of nation” he considered economics to be the study of the production of wealth, distribution of wealth, consumption of wealth, and exchange of wealth.

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