Question

Explain the welfare definition of economics

Answer 1

Answer

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Welfare Definition :- During the later part of the 19th Century economist like (Marshall, Pigou) there in faces from wealth to Welfare while defining economics. Accordung to them, Economics is a social science which studies the economic activities of man which promote economic welfare. Money and wealth are simply the means for human welfare.

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Additional Information :-

Wealth Definition :-

•Robbins defined economics as a pure science according to him, scarcity of resources is considered as a cause of cmeconomic probelem.

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