Question

Explain Marshall defination of economic what are its weekness?

Answer 1

According to Marshall definition, Economics is the study of humans, in relation to the ordinary business of life. It studies that portion of the personal and social activities, which are closely related to the attainment of material resources, related to welfare and its utilization.

Weakness of Marshall definition :

• Dr Marshall has restricted the relation of Economics only to the attainment of material resources and its consumption, whereas, Economics also includes the immaterial resources like services of advocates, teachers and other employees.

• Marshall has divided human activities in two parts, Economic and Non-economic, which is unfair because a similar activity of man can be economic and non-economic also at different times. Like – sweeping his own house by a servant is a non-economic activity, while sweeping his employer’s house. becomes an economic activity

• Economics is not only a Social Science but also Human Science . Prof. Marshall has restricted the field of Economics, by calling it only a social science.

• The welfare definitions have restricted the scope of Economics because according to these definitions only material, ordinary and economic activities are studied in Economics. All other activities are outside the scope of Economics.