Question

What is the Welfare definition of economics

Answer 1

Explanation:

alfred marshal proposed welfare definition

Answer 2

Welfare definition of Economics is given by Alfred Marshall.

• Alfred Marshall, a proponent of neoclassical economics, made an effort to broaden his field of study by proposing the welfare concept of economics. This definition broadens the scope of economic science to include a deeper examination of people.
• In particular, Marshall holds that any human behaviour aimed at achieving economic welfare is the subject of economic study. Man "earns money to attain material welfare," as Marshall put it.
• Since Marshall made his statement, others have referred to it as the "welfare definition" of economics. By placing more emphasis on the study of wealth and mankind as a whole than on wealth alone, this concept broadened the scope of economic science.
• In his widely used textbook, Principles of Economics, which Marshall published in 1890, he provides the following definition of economics:
• Political Economy or Economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being.

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