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Welfare Definition: A prominent critic was the neo-classical economist Alfred Marshall. Marshall shifted the emphasis from wealth to welfare. In his famous work "principles of Economics"(1890), Marshall defined Economics in the following words: "Economics is a study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closly connected with the attainment and side a study of wealth: on the other and more important side, a part of the study of man. "The definition came to be known as the welfare definition.
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Growth Definition A widely accepted definition is the Growth definition put forward by Paul A. samualson. According to samualson, "Economics is a study of how men and society choose, with or without the use of money, to employ scarce productive resources, which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various people and groups of scociety. "; This definition is widely accepted because it is very comprehensive. it encompasses almost all central concerns of Economics.
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