Identify the similarities between Marshall's and Robbins' definitions.
Identify the similarities between Marshall's and Robbins' definitions.
The correct option is C All of these
Similarities between Robbins’ and Marshall’s definition can be shown in
the following points.
1.
Primary importance to man: Both Marshall and Robbins have given primary importance to man. According
to Marshall, economics studies man in relation to wealth. Robbins definition
studies human behavior as a relationship between end and scarcemeans which have
alternative uses. The ultimate aim of the two definitions is same, the
study of human beings.
2.
Wealth and scarcemeans: Marshall has used the word wealth in the process of defining economics.
Robbins has used the phrase scarcemeans instead of wealth. Though they are not
same but similar because in economics, wealth is goods which are scarce. So,
Marshall has directly explained about wealth and Robbins has indirectly
explained about wealth.
3.
Welfare and satisfaction: Marshall assumes that main aims to utilize wealth to achieve maximum
material welfare, whereas Robbins
assumes that main aims to utilize scarce resources to achieve maximum
satisfaction. In reality, there is no wider difference between welfare and
satisfaction. Thus, the definitions of both are similar.
Similarities between Robbins’ and Marshall’s definition can be shown in the following points.
1. Primary importance to man: Both Marshall and Robbins have given primary importance to man. According to Marshall, economics studies man in relation to wealth. Robbins definition studies human behavior as a relationship between end and scarcemeans which have alternative uses. The ultimate aim of the two definitions is same, the study of human beings.
2. Wealth and scarcemeans: Marshall has used the word wealth in the process of defining economics. Robbins has used the phrase scarcemeans instead of wealth. Though they are not same but similar because in economics, wealth is goods which are scarce. So, Marshall has directly explained about wealth and Robbins has indirectly explained about wealth.
3. Welfare and satisfaction: Marshall assumes that main aims to utilize wealth to achieve maximum material welfare, whereas Robbins assumes that main aims to utilize scarce resources to achieve maximum satisfaction. In reality, there is no wider difference between welfare and satisfaction. Thus, the definitions of both are similar.
