economics introduction - magadh university
TRANSCRIPT
The term derived fromECONOMICSancient Greek word
“OIKONOMIA”
Which
means
HOUSEHOLD
“An Enquiry into the
Nature and Causes of
Wealth of Nation”
published in 1776
Father of Economics
Adam Smith
Mother of EconomicsSCARCITY
Definition of Economics
Wealth Definition Welfare Definition Scarcity Definition
Adam Smith
(1723-1790)
Scotland
Alfred Marshall
(1842-1924)
England
Lionel Robbins
(1898-1984)
England
• Economics is “The Science of Wealth”.
• According to Adam Smith, Economics was regarded as the
science which studied the production and consumption of
wealth. It deals with acquisition, Accumulation and
Expenditure of wealth.
• J. B. Say, F. A. Walker, B. Price, J. E. Cairnes and many
other economist follows.
Adam Smith(1723-1790)
Scotland
Wealth Definition: Adam Smith
• His book “Principles of Economics” published in 1890
• Definition – Political Economy or Economics is a study of
Mankind in the ordinary business of life; it examines that
part of individual and social action which is most closely
connected with the attainment and with the use of the
material requisites of well being”
Welfare Definition: Alfred Marshal
Alfred Marshall
(1842-1924)
England
“Alternative Uses” = Substitute
Scarcity Definition: Robbins
Lionel Robbins
(1898-1984)
England
• Book “Nature and Signification of Economics” in 1932
• “The science which studied human behaviour as a
relationship between ends and scarce means which have
alternative uses”.
“Ends” = “Unlimited Wants”
“Scarce Means” = “goods and services are limited”