Question

explain any four merits and demerits of Marshall definition of economics​

Answer 1

You can refer the internet

Answer 2

Explanation:

MAIN POINTS OF THIS DEFINITION

1. Economics is interested in human welfare an not in wealth.

2. It is a social science. A person who is cut away from the society is not the subject of study of economics.

3. Economics does not study of all the activities of man. It only study ordinary business of life.

4. Economics is a concerned with the ways in which a man works on natural resources for the satisfaction of material wants.

MERITS OF MARSHALL'S DEFINITION

1. COMPREHENSIVE :-

Prof Marshall's definition is more better and comprehensive as compared to the Adam Smith definition.

2. STUDY OF HUMAN LIFE :-

According to this definition of economics studies the human life. So there is a particular objective of this subject which is human life.

3. IMPORTANCE OF SOCIETY :-

According to this definition society has been given much importance and all those people who earn and consume wealth have been discussed.

4. AN-ORDINARY MAN DISCUSSED :-

Economics is a social science which studies man's social life. Those people who do not perform social activities like saints and mad will not be studied in economics.

5. IMPORTANCE OF WELFARE :-

Marshall stresses on individual and collective welfare. This definition clusters round the welfare.

6. UNEQUAL DISTRIBUTION OF WEALTH PROBLEM :-

Prof. Marshall has also discussed to solve the problem of unequal distribution of wealth.

7. IMPORTANCE TO MAN :-

In this definition man has given primary importance and wealth has been given secondary importance which is used for the prosperity of man.

8. WELFARE THE AIM :-

According to this definition the aim and objective of this subject is the welfare of human being.

Marshall says that economics explains those principles which enable a person to meet his desires by using the wealth. It is very useful for the prosperity of human being.