Alfred Marshall
Marshall definition of economics :
Economics is a study of mankind in the ordinary business of life, it examines that part of individual and social action. which is the most closely connected with the attainment and with the use of the material requests of well-being. it is one of it is one side a study of wealth and another side a part of the story of a man. where is only a main to satisfy human wants. Economics is the study of ordinary and not extraordinary men like Sadhu. Economics is the study of innovation and social men who are always concerned with material gain.
Marshall was a Professor at the University of Cambridge.
He wrote his book ‘Principle of Economics’ in 1890. Marshall emphasized the material welfare of an individual.
Economics is a study of mankind in the ordinary business of life.
Economics exam in that part of in division and social action which is closely connected with the attainment end use of the material requests of well being. it enquires how a man gets his income and how he uses it.
I like diamonds to have a higher price than goods like water is a lower price. because people have few diamonds well water is plentiful.
Marshall gave the concept of consumer surplus, the electricity of demand, and the law of Returns.
Merits of Marshall definition of economics :
-1. Economics is the study of HUMAN BEHAVIOR,
-2.Ordinary Business of life.
-3 Welfare is the first priority then wealth.
-4.Material requests.
-5.Social Science.
De-Marits of Marshall definition of economics :
-1.Limited scope.
-2.Im-measurable concept of material welfare.
-3.Impracticable.
-4.Unscientific.
-5.Normative Science.
Criticism:
In 1931, another economist, Lionel Robbins wrote his book 'Nature and economics'.In this book, he criticized. Marshall on the following ground,
1. The definition Narrows the Scope of economics.
2. Well- Being is a non-measurable concept.
3. Economics should not pass value judgments.
4. It creates problems for policymaking.
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