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5. the welfare definition of economics is attempt by Alfred Marshall, a pioneer of neoclassical economics, to redefine his field of study.
6. in his 1932 essay on the nature and significance of economic science, British economist Lionel Robbins define the discipline in terms of scarcity: economics is the science which studies humans behaviour as a relationship between ends and ud scarce means which have alternative uses.
7.Adam Smith was n 18th century Scottish economist, philosopher, and author, and is considered the father of modern economics. Smith is famous for his 1776 book "the wealth of nation".
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