Modern definition of economic
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Adam smith , considered to be the founding father of economics defined economic as the study of nature and causes of nations wealth or simply study as wealth the central piont in smith's definition is wealth creation
Adam smith , considered to be the founding father of economics defined economic as the study of nature and causes of nations wealth or simply study as wealth the central piont in smith's definition is wealth creation
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♠ Adam Smith ( The father of Economics )
according to him " Economics is the science of wealth ".
♠ Alfred Marshall ( welfare definition )
Economics is a study of man in the ordinary business of life, it requires how he gets his income and he uses it.thus, it is on the one side the study of wealth and on the other, and more important side a part of study of man.
♠ Robinson :-
according to him Economics is the science which studies human behaviour as a relationship between yields and scares means has alternative resources.
♠ Samuelson ( Growth Oriented Definition )
According to him Economics is the study of how man and society choose , with or without the use of Money to produce various commodities over time and distribute them for consumption.
according to him " Economics is the science of wealth ".
♠ Alfred Marshall ( welfare definition )
Economics is a study of man in the ordinary business of life, it requires how he gets his income and he uses it.thus, it is on the one side the study of wealth and on the other, and more important side a part of study of man.
♠ Robinson :-
according to him Economics is the science which studies human behaviour as a relationship between yields and scares means has alternative resources.
♠ Samuelson ( Growth Oriented Definition )
According to him Economics is the study of how man and society choose , with or without the use of Money to produce various commodities over time and distribute them for consumption.
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