Question

Human Welfare is the subject of Economics.” This statement is associated with the name of which of the below economists?

Answer 1

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Here is your answer
The welfare definition of economics is an attempt by Alfred Marshall, a pioneer neoclassical economist, to redefine his field of study. This definition expands the field of economic science to a larger study of humanity. 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." This is why economists since Marshall have described his definition as the welfare definition of economics. 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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Answer 2

Answer:

The definition of welfare in the economics is given by the alfred marshall who is a pioneer economist in the field of study.And studies all the actions that people take to begin labor and economic welfare. And thus he emphasised on the study of the wealth and the humanity together rather than wealth alone.

Explanation:

• He in his widely studied book principle of economics published in the 1890 defined the term 0f economics as the economic study of mankind with the ordinary business of life. And the attainment of the material well being.

• Economics is the study of mankind, human life has several social, religious and economic aspects but economics is mainly concerned with the study of the life. As the economic activity is mainly focused on buying goods and services mainly to satisfy a living.  

• And thus deals with the efforts and wants and the desires to satisfy them. According to the Pigou, the social welfare can be brought directly and indirectly with that of the money.

• Thus the branch of welfare economics involves the use of the personality and the standard of living, and the achievement of the material goods and services.