How is Marshall's difination interior to robins definitions explain
Answers
Explanation:
Dr. Marshall definition of Economics is a major improvement over the definition of Adam Smith and other ancient Economists. This definition was recognized between 1890 to 1932 and it seemed that the controversy relating to the definition of Economics had ended. But, a renowned Professor of ‘London School of Economics’, Prof. Leonel Robbins in his book ‘An Essay of the Nature and Significance of Social Science’ in 1932 criticized Marshall’s definition in loud words, which are as follows –
Illusion of Anti-Immateriality
1= 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. That is the reason Robin said
The Economist who keeps in mind only material study, cannot save themselves from the blame of being biased to one aspect.
2= Vagueness of Ordinary Business Activity
The phrase used by Dr. Marshall, “The activities relating to the ordinary business of life is unclear and vague because it is not clear, what activities of man corm under ordinary business and winch activities are outside its area.” According to Prof. Robbins, though there are several such activities that come under an ordinary business of life, yet are studied in Economics, like – study of economy at the time of war, conditions of Imperfect Competition, Monopoly, etc.
3= Unclear Economic Activities
Marshall has divided human activities into 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.