Write Two Demerit Off The Definition Of Prof. Marshall
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Answer:
Emphasis on human welfare is evident in Marshall'sown words: “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 the material requisites of well-being.”
Explanation:
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Answer:
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. Id