What are the four major definition of economics
Answers
Answer:
1. General Definition of Economics:
The English word economics is derived from the ancient Greek word oikonomia—meaning the management of a family or a household.
It is thus clear that the subject economics was first studied in ancient Greece.
2. Adam Smith’s Wealth Definition:
The formal definition of economics can be traced back to the days of Adam Smith (1723-90) — the great Scottish economist. Following the mercantilist tradition, Adam Smith and his followers regarded economics as a science of wealth which studies the process of production, consumption and accumulation of wealth.
3. Marshall’s Welfare Definition:
Alfred Marshall in his book ‘Principles of Economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth. Marshall defines economics as “a study of men as they live and move and think in the ordinary business of life.” He argued that economics, on one side, is a study of wealth and, on the other, is a study of man.
4. Robbins’ Scarcity Definition:
The most accepted definition of economics was given by Lord Robbins in 1932 in his book ‘An Essay on the Nature and Significance of Economic Science. According to Robbins, neither wealth nor human welfare should be considered as the subject-matter of economics. His definition runs in terms of scarcity: “Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses
these are four major definitions of economics
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