Question

Define Marshall's wealth-oriented definition of Economics.

Answer 1

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 man's actions in the ordinary business of life, it inquires how he gets his income and how he uses it.” He argued that economics, on one side, is a study of wealth, and on the other, is a study of man.