Discuss the subject matter of economy
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Various economists have different views about the subject matter of economics. Adam smith, in his book “An Inquiry into the nature and causes of Wealth of Nations which was published in 1776 defined economics as an enquiry into the nature and causes of wealth of Nations in other words it lays importance on wealth rather than welfare of human beings. It shows to a man uses wealth produces wealth and how wealth is exchanged and distributed in the economy.
According to the 19th century economists Alfred Marshall, “Economics is the study of mankind in the ordinary business of life. It enquires how he gets his income and how he uses it. 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.
According to the 19th century economists Alfred Marshall, “Economics is the study of mankind in the ordinary business of life. It enquires how he gets his income and how he uses it. 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.
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