Robbins' definition, it's features, superiority and criticism
Robbins' definition, it's features, superiority and criticism Lionel Robbins provided a new definition of economics in his book, “ Nature and Significance of Economic Science ”, published in 1932. According to him, “ Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses .” Robbin's definition is based on the following aspects: Ends or wants are unlimited and as one wants gets satisfied another arises that’s why we have to make a choice between the most urgent want and less urgent wants. Thus, the problem of choice arises. That is why economics is also called a science of choice. ‘Means ’or resources to satisfy human wants are limited. The means refer to goods and services which are used to satisfy human wants. These resources are scarce and to be used optimally to get maximum satisfaction. For example, money is an important means to satisfy many of our wants. We use it optimally and make choice...