explain and examine the definition of economics as given by Marshall
Answers
Answered by
3
Economics is the study of human activities in the ordinary course of business. It studies how man attains his income and how he utilizes it. In this way, it studies wealth, on one hand and on the other hand, it is a part of the study of man, which is more important.
According to this definition, it becomes the science of human activities instead of science of wealth. In his second book, ‘Principles of Economics’, Dr. Marshall defined it in these words
According to this definition, it becomes the science of human activities instead of science of wealth. In his second book, ‘Principles of Economics’, Dr. Marshall defined it in these words
Answered by
2
Marshall in his book ‘Principles of Economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth. Marshall defines economics as “a study of men as they live and move and think in the ordinary business of life.” He argued that economics, on one side, is a study of wealth and, on the other, is a study of man.
Emphasis on human welfare is evident in Marshall’s own words: “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 the material requisites of well-being.”
Emphasis on human welfare is evident in Marshall’s own words: “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 the material requisites of well-being.”
Similar questions