Many writers Early days defined economics as "the science of wealth". Adam Smith, commonly known as the father of modern economics, defined economics as "An enquiry into the nature and causes of the wealth of Nations."
These definitions were defective, because they gave great importance to the wealth. Wealth is not everything, it only leads to prosperity. Therefore, it is man, that is the purpose of all economic activity.
Prof. Dr. Alfred Marshall was the first economist, who gave a logical definition of economics. Defined economics as "the study of mankind in the ordinary course of business life, analyzed this part of the actions of individual and social, which is closely related with achievements and use of the materials of paper articles"
PROPERTY DEFINITION:
This definition has given new direction to the study of economics. Here are some important properties of the definition.
1 social science
This definition makes the economics and social sciences. Is the subject, which applies to people living in society. According to Marshall as the behavior of human beings is not the same all the time, the principle of Economics cannot be formulated as laws of Science. Further laws of economics are not as accurate as of the natural. For this reason, the social sciences.
2. examination of the Man
Related economic to humans; Therefore, it is the subject of life. Discusses the problems of economic and human behavior. In accordance with the Marshall test the behavior of human life in the ordinary course of business.
3. Wealth as a means of material well-being
According to Marshall's wealth is not the ultimate goal of human activity, and therefore we do not test the wealth, for the purposes of wealth. Therefore, in accordance with this definition we can examine the wealth as a source of achieving material well-being.
4. Economics and the welfare of animals
This definition makes economies oriented on animal welfare. We are concerned only with those economic activities which do not support of human well-being are to be excluded from the scope of economics.
5. the importance of
Marshal stresses the notion of "material required are well". Therefore, in accordance with this definition, all business resolve around the acquisition and use of material goods such as food, clothes, etc. because they increase the welfare of man. On the other hand-material requisites of human life, such as education, Recreation, are ignored.
6. Regulatory Outlook
In accordance with the definition of Economics should care about good and bad aspects of economic activity and therefore the involvement of the same in the "what should be and what should not be". This is known as the normative aspect of economics.
CRITICISM OF THE
"Robbins and other many economists severely criticized this definition for the following reasons."
1. limited to material of animal welfare
This definition restricts the subject economics of human welfare. However, the subject of Economics is not limited to the examination of human well-being. In fact, the material and the absence of the essential aspects of prosperity are studies in the field of economics.
2. the Vague concept of animal welfare
The concept of animal welfare standards used in this definition is also not clear. Human welfare is not limited to achieve material requisites. There are many other factors that affect the welfare of man. Further, the word "welfare" has a different meaning for different people and different societies. Therefore, we cannot define economics using the vague concept of animal welfare.
3. limited scope
This definition has limited the scope of economics. Only those activities are studied economics, whose aim is to achieve substantial requisites it is. Further ignores business person not living in society. Achieve without significant philatelic services people is well go out of scope of economics. Distribution of this material and other relevant aspects of human well-being is not valid.
4. Economics and the welfare of animals
In accordance with Robbins Research business based on animal welfare is not good. There is an obligation to pass the verdict of the Economist, that is, which is conducive to the welfare and what is not. Therefore, according to Robbins ' applies regardless of the economics, none of the grounds of material welfare as such.
5. Moral Judgment
In this definition Marshall makes the economics of the subject, which recognizes the right and wrong aspect of the business. According to Robbins economics in neutral in relation to the end and it is not the function of moral judgments and an economist will say what is good and what is bad.
6. Unrealistic
This definition seems to be unrealistic as we analyze critically. Vague concept of animal welfare, the breakdown ends on materials and other materials, the emphasis on good and bad, the concept of human life in society, etc., all these concepts place unnecessary restrictions and Brand economics limited. These ideas make the definition of the unrealistic.
THE CONCLUSION OF THE
Although this definition has a new direction of the subject of Economics, but it had many shortcomings. Some of the vulnerabilities definitions are discussed above. For these reasons, this definition has been replaced by other new definitions of economics.
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