what are the drawbacks of marshall definition
Answers
DEMERITS OF MARSHALL'S DEFINITION
1. NARROW SCOPE :-
According to this definition economics is concerned only with those activities which promote only material welfare and it has unnecessarily narrowed the scope of economics.
2. NON MATERIAL SERVICES IGNORED :-
It ignores the non material services like the services of teacher which has an important contribution of economic welfare.
3. NOT CLEAR :-
The distinction made in this definition between ordinary business of life is not clear.
4. SOCIETY IS DISCUSSED ONLY :-
According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.
5. CONCEPT OF WELFARE DIFFERS :-
There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.