In the book ‘ Nature and Significance of Economic Science’ Robbins criticized welfare definition of economics. It enlarges the scope of economics by emphasizing the study of wealth and man rather than wealth alone. The definition of Alfred Marshall was generally accepted for a long time. Welfare of man itself is related to the ethical decisions. It gives moral lesson to the human being. In the view of Marshall, welfare can be increased from the acquisition of material or physical goods like, water, air, clothes, shelter, computer, mobiles vehicles etc.Īccording to Marshall, economics is the normative science which deals with what should be or what ought to be?
It studies only ‘material requisites of well-being’ or material welfare. It does not study the activities of isolated persons like Robinson Crusoe’s.Įconomics is concerned with the material welfare of mankind. does not fall under the scope of economics. It studies the activities of the people living in society.īut, activities of abnormal man like drunkards, gamblers, drug addiction etc. It means economics deals with the activities of normal man only. So, Marshall has given more importance to the man and secondary importance to the wealth.Įconomics deals with ordinary men who are rational. Therefore w ealth is only a means to the fulfillment of ends, which is human welfare. Wealth is only the means of human satisfaction.Īccording to this definition, “ Economics is on the one side a study of wealth and on the other, the most important part, is the study of mankind.” The welfare definition keeps the man in the primary place and wealth in secondary place.
The welfare definition of Economics has the following features: Primary place to man Pigou, “Economic studies that part of social welfare which can be brought directly or indirectly in relation with measuring rod of money”.Īccording to Cannon, “Economics is study of material welfare”.Ĭlick on link for YouTube videos of Class 11:įeatures of Welfare Definition of Economics
Marshall’s followers like Pigou, Cannon and Beverage also defined Economics in terms of material welfare.Īccording to A.C. This definition clearly states that Economics is on the one side a study of wealth and on the other most important part is study of the mankind. It examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being”. His definition of economics is also known as welfare definition of economics.Īccording to Marshall, “Political Economy or Economics is a study of mankind in the ordinary business of life. He has given more comprehensive definition economics in his famous book ‘Principle of Economics’ which was published in 1890 AD. Alfred Marshall is a pioneer neo-classical economist.
0 kommentar(er)
