early economics
TRANSCRIPT
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SCIENCE OF WEALTH
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Economics An enquiry in to the nature and cause of wealth of nations ADAM
SMITH
Economics deals with the phenomenon of wealth J.E.CAIRNES Economics is the science which treats of wealth J.B.SAYS Economics is that body of knowledge which relates to wealth
F.A.WALKER
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Importance given to wealth then mankind
At that time society considered wealth as evil
He ignored the human welfare as compared to wealth
Economics was supposed to teach selfishness andcame to be called dismal science
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ECONOMICS
SCIENCE OF HUMAN WELFARE
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Economics is a study of mankind in theordinary business of life it examines that partof individual and social action which is mostclosely connected with the attainment and
with the use of material requisites of wellbeing ALFRED MARSHALL
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Man occupies primary place and wealthsecondary
Marshall consider economic is only materialwelfare
Wealth is for promoting human
Economic is connected with ordinary man andwoman rather then a man whose only motive
is to acquire wealth
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CRITICISM OF THE DEFINITION OF ALFREDMARSHAL BY LIONEL ROBINS
Robins said that economic is connected withmaterial and non material welfare
Welfare is not measurable
Non welfare activities are also part ofeconomics
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Economics is the science which studies humanbehaviour as a relationship between end andscarce means which have alternative uses
LIONEL ROBBINS
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MAIN POINTS OF THE DEFINITION
OF ROBBINSHis definition was analytical rather then classifictory
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CRITICISM OF ROBBINS DEFINITION
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MORDERN DEFINITIONS OFECONOMICS
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WRITERS WHO GAVE DEFINITION OF MORDERN
ECONOMICS
LORD J.M.KEYNESPROFESSOR VINER
PAUL SAMUELSON
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CONCLUSION We have seen that no short definition of a growing science like
economics would serve the purpose after studying differentdifferent definitions we can say there are two types of definitionsone is narrow and other is broad
Narrow definitions based on wealth ,material welfare Broad definitions science of scarcityThus every time we face a dilemma therefore one may agree with
prof. viner definitionsEconomics is what economists do
Economics is the study of how societies use scarce resources toprovide valuable commodities and distribute them amongdifferent people
PAUL SAMUELSON
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Economics is the study of the administration of scare
resources and of the determinants of income andemployment it studies the causes of economic stabilitycould be promoted LORD J.M.KEYNES
Economics is what economists do PROF. VINER
Economics is the study of how societies use scarceresources to provide valuable commodities anddistribute them among different people
PAUL SAMUELSON