Marshall definition remain changed until 1930’s economic depression. After this lianel Robbins strongly criticize that welfare definition in the following grounds.
- In the study of material welfare alone is insufficient
- marshall’s definition consisdered only material welfare and non material welfare aspect.
- Classificatory definition= marshall’s definition of economic to non economic so it is classificate definition which is incomplete.
- Marshall’s Definition contain only material welfare only but critics view major economic problem are poverty, inflation unemployment,scarcity of goods etc.
Contractory Definition :
The Definition is quite contracdition qbout material welfare in objective subject matter and another concept marginal activity which is subjective.
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This Definition divides economic activity as a material and non-material goods so it is only theoryitical concept.
Lionel Robbins in 1993 –> ” an essay into the nature and significance of economic science”
A famous economist Lionel Robbins Scarcity and choice definition in 1932. He proposed his own definition in the book ” an essay into the nature and significance of economic science”
According to the Robbins Economic is the science which study human behaviour as a relationship between ends and scare means which have alternate
Features of Robbins Definition
Unlmited wants= Acording to Robbins definition human wants are unlimited which can be never fulfill if one want is satisfied ulitmately another wants arise in our life there fore human wants are not fulfilled in their life time.
Limited Resources means
Resources are used to fulfill human wants but Resources are always less than demand of Resources. Human Desires is always Increasing but Desires is always increasing but Resources are not increasing so much It creates the Scarcity problem in the Economic.
Prof: Robbins suggests that every people have fulfilled the wants . There fore the problem occour in economic by choosing most necessary goods first and another is again and again. Then there always have a choice for Resources alternatively .
Human wants are unlimited when one want is satisfied ultimately another wants come up. How ever Resources are limited. It supply to satisfy the wants not only the Resources are limited. but they are capable to satisfy alternatively. This creates the complex problem of choice. In this way economics is also defined as a science of scarcity and choice.
note credit : Hemant chaudhary from kmc