Explain the main features of Prof. Marshall's definition of Economics.
The main features of Marshall's welfare-oriented
theory, which gave primary importance to man and his welfare, are as under:
(i) Study of
mankind: Economics deals with ordinary men and women, who have feeling of love,
affection, and friendship and do not get motivated merely by the desire of
availing themselves of the maximum monetary benefits.
(ii) Study of
material welfare: Economics does not study all types of human activities but only a part
of those activities related to material welfare.
(iii) Study
of social man: Economics is a Social Science, which attempts to study the ordinary
business of life of the persons living in society and influencing each other.
That ordinary business of person refers to the activities of earning and
spending the income for the welfare of human beings.
(iv)
Promotion of welfare: The most important feature is that wealth is not considered as the
‘be-all and end-all’ of all economic activities. The primary importance and
greater emphasis is on human welfare. The money and wealth are simply the means
for human welfare.
(v) Use of
money: This definition considers material or economic welfare as a part of
social welfare which can be easily measured with the measuring rod of money.
The main features of Marshall's welfare-oriented theory, which gave primary importance to man and his welfare, are as under:
(i) Study of mankind: Economics deals with ordinary men and women, who have feeling of love, affection, and friendship and do not get motivated merely by the desire of availing themselves of the maximum monetary benefits.
(ii) Study of material welfare: Economics does not study all types of human activities but only a part of those activities related to material welfare.
(iii) Study of social man: Economics is a Social Science, which attempts to study the ordinary business of life of the persons living in society and influencing each other. That ordinary business of person refers to the activities of earning and spending the income for the welfare of human beings.
(iv) Promotion of welfare: The most important feature is that wealth is not considered as the ‘be-all and end-all’ of all economic activities. The primary importance and greater emphasis is on human welfare. The money and wealth are simply the means for human welfare.
(v) Use of money: This definition considers material or economic welfare as a part of social welfare which can be easily measured with the measuring rod of money.
