State briefly the drawbacks in the definition of Economics, as given by the early economists.
Wealth definition:·Economics is the study of production and consumption of goods and services and accumulation of wealth.
· It only focuses on the wealth part of the system whereas it is believed that welfare is also important as otherwise it will teach selfishness and will be against moral values.
Welfare definition:·Economics is the study of the behavior of mankind and how he struggles for things which are important for survival.
·It only focuses on the material things and not on immaterial things like the services of teacher and doctors which also promote welfare.
Scarcity definition:· Economics is the study of mankind and resources which are scarce in nature and have alternative uses.
·It does not make a distinction between good and bad use of a resource.
·It is neutral between the ends.
Growth definition:· Economics is the study of how men use the scarce resources which have alternative resources, to produce goods and services for their survival in the present an in the future.
·It focuses less on the present and more on the future.
| Wealth definition: ·Economics is the study of production and consumption of goods and services and accumulation of wealth. · It only focuses on the wealth part of the system whereas it is believed that welfare is also important as otherwise it will teach selfishness and will be against moral values. |
| Welfare definition: ·Economics is the study of the behavior of mankind and how he struggles for things which are important for survival. ·It only focuses on the material things and not on immaterial things like the services of teacher and doctors which also promote welfare. |
| Scarcity definition: · Economics is the study of mankind and resources which are scarce in nature and have alternative uses. ·It does not make a distinction between good and bad use of a resource. ·It is neutral between the ends. |
| Growth definition: · Economics is the study of how men use the scarce resources which have alternative resources, to produce goods and services for their survival in the present an in the future. ·It focuses less on the present and more on the future. |
