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Evolution In Definition Of Economics

Evolution In Definition Of Economics

Wealth definition- Adam Smith (1776)
Adam Smith - Economics Class 12
Adam Smith
 “Economics is the  science of wealth”
  • This Definition was introduced by Adam Smith.
  • He is also known as Father of Economics.
  • According to this definition
  • Economics is a science of study of wealth only
  • It deals with production, distribution and consumption
  • This wealth centered definition deals with the causes behind the creation of wealth, and
  • It only considers material wealth.
Economics as Wealth Definition - Economics Study Materials
Welfare Definition – Alfred Marshall (1890)
Alfred Marshal - Economics Study Materials
Alfred Marshall
“Economics is the study of man in the ordinary business of life”
  • This Definition was put forward by Alfred Marshall.
  • According to Alfred Marshall “Economics is the study of man in the ordinary business of life”.
  • It examines how a person gets his income and how he invests it.
  • Thus on one side it is a study of wealth and
  • On the other most important side, it is a study of well-being (welfare).
 Economics As Welfare Definition
Scarcity Definition – Lionel Robbins (1932)

Lionel Robbins
Economics is the aspect of scarcity in all economic behaviour
  • This definition was put forward by Robbins.
  • According to him “Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
  • Features:
  • Human wants are unlimited.
  • Alternative use of scarce resources.
  • Efficient use of resources.
  • Need for optimization(best allocation of resources).
 Economics as Scarcity Definition
Growth Definition – Paul. A. Samuelson (1948)

Paul. A. Samuelson
Economics is concerned with determining the pattern of employment of scarce resources to produce commodities ‘over time’.
  • This definition was introduced by Paul. A. Samuelson
  • According to him-”Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”.
  • It analyses costs and benefits of improving patterns of resource allocation.

This definition is the combination of welfare and scarcity definition   

 Economics as growth definition