write difference between Marshall's and Robbins's definition of economic
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According to Marshall, economics is a science of material welfare. His definition has focused on the role of mankind as well as wealth in economic life. But Robbins’s definition considered economics as a study of scarcity and choice. A comparative study of both definitions is made on the basis of their similarities and differences. Marshall’s Definition
“Economics is the study of man in ordinary business of life. It enquires how he gets his income and here he uses it. 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………………..It is the study of wealth on one side and on the other side, which is more important, it is a part of the study of man.”
Robbin’s Definition
“Economics is the science which studies human behaviour as a relationship between multiple ends and scarce means, which have alternative uses.”
A comparative study of both the definitions is made on the basis of their similarities and differences.
“Economics is the study of man in ordinary business of life. It enquires how he gets his income and here he uses it. 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………………..It is the study of wealth on one side and on the other side, which is more important, it is a part of the study of man.”
Robbin’s Definition
“Economics is the science which studies human behaviour as a relationship between multiple ends and scarce means, which have alternative uses.”
A comparative study of both the definitions is made on the basis of their similarities and differences.
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