explanation of welfare defination given by Alfred Marshall
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The welfare definition of economics is an attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study. ... This definition enlarged the scope of economic science by emphasizing the study of wealth and humanity together, rather than wealth alone.
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Specifically, Marshall's view is that economics studies all the actions that people take in order to achieve economic welfare. ... In the words of Marshall, "man earns money to get material welfare." Others since Marshall have described his remark as the "welfare definition" of economics.
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