As economics is a very broad concept, it is not easy to give a precise definition of economics.

Different economists have tried to define economics to the best of their knowledge.

We will be enumerating some of the best definitions of economists given so far.

According to Richard Lipsey "Economics is the study of the use of scarce resources to satisfy unlimited human wants".

Adams smith, who is popularly known as the father of economics defined economic as "an inquiry into the nature and causes of the wealth of nations".

Alfred marshall defined economics as "the study of mankind in the ordinary business of life".

The most popular and widely accepted definition of economics was given by British Economists Lionel Robinson.

According to him, "economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses".

In the view of John Baptiste Say, "economics is the science of production, distribution, and consumption of wealth".

To quote Paul A. Samuelson, "economics is the study of how men and society choose with or without the use of money, to employ the scarce productive resources which have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society. It analyses the costs and benefits of improving pattern of resource allocation.” 

Davenport succinctly defined economics  as "the science that treats phenomena from the standpoint of price".

According to John Stuart Mill, economics is the practical science of production and distribution of wealth.

In the words of Stonier and Hague, "Economics is fundamentally a study of scarcity and the problems which scarcity gives rise."

Economics, says Arthus Pigou, is "the study of economic welfare as part of the social welfare process.”

Mark Blaug has this to say of Economics. "economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management".

Prof. A.C. Dhas gave a comprehensive definition of economics. According to him "Economics is the study of choice-making by individuals, institutions, societies, nations, and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying their unlimited needs at present and future."

Help us grow our readership by sharing this post

Related Posts

Post a Comment

Subscribe Our Newsletter