Learn Economics by Dr. Swati Gupta

  Definitions of Economics given by Adam Smith, Alfrad Marshall and Robbins The word ‘Economics’ was derived from the Greek words ‘Oikos’ (a house) and ‘Nemein’ (To manage), which meant managing a household, using the limited money or resources a household has. Economics as a subject came into being with the publication of very popular book in 1776, “An Enquiry into the Nature and Causes of Wealth of Nations”, written by Prof. Adam Smith. At that time, it was called Political economy and regarded as a branch of statecraft. The great Indian statesman, Kautilya, named his book on statecraft as Arthashastra, the Hindi equivalent of ‘Economics’. Various definitions were given by various economists’ time to time. L.M.Fraser has classified definition of economics into Type A and Type B. Type A definitions are related to wealth and material welfare and Type B is related to the scarcity of means.   Type A definitions   Adam Smith's Definition of Economics, it's features and criti...

Alfred Marshall’s definition of economic, its features and criticism The neo-classical view : Welfare Definitions-Neo-classical economists focused more on welfare and the emphasis was shifted from ‘wealth’ to ‘ welfare ’. According to Cannan , “The aim of political economy is the explanation of the general causes on which the material welfare of human beings depends.” According to A.C. Pigou,” Economics studies that part of social welfare which can be brought directly or indirectly in relation with measuring rod of money.” Alfred Marshall in his book, “ Principles of Economics ”, published in 1890, describes economics as, “ It is the study of mankind in the ordinary business of life; it examines that part of the individual and social action which is most closely connected with the attainment and with the use of the material requisites of well- being. Thus, it is on the one side a study of wealth; and on the other, and more important side, a part of the study of man ”. The important fe...