Definitions of Economics given by Adam Smith, Alfrad Marshall and Robbins
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...