Economics is the science of material welfare explain
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In the words of Marshall, "man earns money to get material welfare." 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.
Economics is a Science of Material Welfare! ... Thus, according to Marshall, wealth is only a secondary thing, it is man and his ordinary business of life which is the primary object of economic study. In fact, Marshall tried to make the study of economics an engine of social betterment.
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