Meaning and definition of economics


Meaning and Definition of economics:

Economics used to be studied along with theology and political science in the old days. When the center of economic problems started, then the process of studying economics as a separate discipline started. In the 18th century, Adam Smith systematized the scattered thoughts and presented the scientific form of economics. So, he is called the Father of economics. Various economists have defined economics but there is no universally accepted single definition.

F. Zeudhen opines that economics is an unfinished science. David Begg and others say that “trying to understand economics is about, by studying definitions, is like to learn to swim by reading an instruction manual.” However, an attempt has to be made to provide a systematic and comprehensive definition of economics as it helps to know the nature, scope, significance, and limitations of economics.

The definitions of economics can be divided into four groups:-

1) Adam Smith: Wealth definition
2) Alfred Marshall: Welfare definition
3) Lionel Robbins: Scarcity definition
4) P.A Samuelson: Growth definition

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