On The Basis of Modern Analysis

Modern economist divided the whole economics theories in two groups they are
1Microeconomics and2,Macroeconomics
it is a branch of economics which studies the small economic activities of a country,about the particular person ,family,society etc.
it is a branch of economics which studies the whole economic activities of a country,it studies about the national income,total production,poverty level,price level,infalation,deflation etc.

On The Basis of Refresentative Definitions

Different economist has given the different definitions of subject matter of economics.According to the classical economist Adam Smith the subject matter of economics is to study human activities related to the earing of wealth ,according to the neo-classical economist Alfred Marshall definition subject matter as a material welfare and modern economist Robbins defined subject matter interms of science of choice.

Superiority of Robbins's definition of Economics

Robbin's definition of economics is regraded as the superior definition on the following ways

1Scarcity definition
Robbin's definition is concerned as a more scientific because if is far away from classificatory.It doesn't concern such vague(unnecessary)expression such as material,immaterial,economics ,noneconomic etc activities.It has studies human activities as a whole not particular part of them.

2Wider scope
Robbin's definition has weeded the scope of economics according to his definition economics is a neutral between the ends .The end maybe noble,ignoble,material,immaterial,economics,noneconomic etc.It is not concern with the similarities it studies all types of people whey they live in society or out of society.

3Universal applicable
Robbin's definition is universally applicable in any form of economics like communist economics,capitalist economics etc.it is present in all types of economy and all types of countries.

4Positive science
Robbin's definition of economics has regraded as a positive science.It studies all types of human activities whether are harmful or beneficial.It studies all the economic activities without concerning with welfare.

5Science of choice
The best aspect of this definition is that it regraded economics as a science of choice it is the best method of solving the economics problems by utilizing limited means for the fulfillment of unlimited wants.

.Dissimilarities between Marshall's and Robbins's definition of Economics

Marshall's definition

1Definition of material welfare
according to Marshall economics studies those human activities they are related to the material welfare.

Robbin's definition
1Definition of scarcity
according to Robbins economics studies those human activities which are related to allocation of
scarce means(resource).

Marshall's definition
2Classificatory definition
Marshall's definition is classificatory since it has classified human activities as a material(activities which can be measure in terms of money) and non material.

Robbin's definition
according to Robbins economics is a positive science since it studies all types of activities which are good or bad,harmful or beneficial.

Marshall's definition
3Social science
Marshall's definition of economics is concern with social science because it studies only those people who live in society.

Robbin's definition
3Human science
Robbin's definition of economics is a human science,it studies all types of people where they live in society or out of society.

Marshall's definition
since this definition bounded economics inside the boundary of society,so it is more pragmatic.

Robbin's definition
4since this definition is abstract in nature,so it is more theoretical.

Main points of Robbins's defination of Economics

1 Unlimited Wants
Human wants are unlimited those wants can't be fulfill after fulfilled one another will appear there fore it is unpossible to satisfy all the wants.

2 Limited Means(resources)
Means available for satisfying those wants are limited or scarce since the man is not able to satisfy his unlimited wants with the limited resources.

3Alternative Use
All the wants can't be fulfilled by limited avialable means,some wants are more important and some are less and the resources are limited so that we have to fulfill our wants alternatively.

4 Wants Deffer in Urgency
all the wants are not equally important some wants are more urgency then other one, more urgency are satisfy firsr postponing the less urgency wants for a later date.for example medicine is more urgency then the cosmetic for girl.
5 Problem of choice
when the human wants are unlimited and the scarce means(resource)have alternative uses as well as wants differ in urgency.one has to make a choice as to when a particular wants should be satisfied .choice helps to derive maxmium satisfaction.

Comparison between Marshall's and Robbins's defiation of Economics

Comparison between Marshall's Robbins's definitComparison between Marshall's Robbins's definition of EconomicComparison between Marshall's Robbins's dComparison between Marshall's Robbins's definitComparison between Marshall's Robbins's definition of EconomicComparison between Marshall's Robbins's dMarshall and Robbins have defined Economics in different ways but there are some similarities and differences between there definition which are mention below


1 Study of human activities
Both Marshall and Robbins have given the primary place to human beings,both have ignored important of wealth and stressed in the human activities.

2 Wealth and scarce means
There is no fundamental difference between wealth and scarce means.Robbins used the words scarce means and Marshall used the word wealth which signify the same meaning because in economics wealth includes only those items that are limited all scarce to fulfill the unlimited desires.

3 Maximum welfare and Maximum Satisfaction
Marshall's definition reverse to the utilization of wealth for the promotion of maximum welfare and Robbin's definition referred to the utilization of scarce means for the maximum satisfaction therefore both their definitions signify the same meaning.

4 Human Behaviors
Marshall's definition has studies the human social behavior whereas Robbin's definition definition has studies all types of human behavior therefore both definitions has studied the human behavior.

Alfred Marshall's Defination of Economics

Alfred Marshall is the leader of neo-classical Economist.In 1980AD he published a book in title ''principle of Economics''and defined the economics as a subject material of welfare.According to him ''Economics is a study of mankind in the ordinary business of life it examines that part of individual and social action which are most closely connected to the attainment and with the use of material requisite of well-being''.
The main points of the definition are as below
1 Mankind as a primary concern
This definition gives the primary concern to human beings and secondary concern to wealth. Wealth is for the benifit to mankind but mankind is no for wealth.
2Study of ordinary man
According to this definition economics is the general study of activities of ordinary man.It does not deals with the extraordanary man like saint,yogi,robber etc.
3Study of material welfare
According to this definition economics studies only those activities of man which are concern with the material welfare.
4Social science
this defination studies man who lives on the society.according to this definition economics is a social science.It studies the economics activities of those individual who lives in the society,it doesn't studies those individual who lives out of society.
5Normative science
This definition deals with the naormative science because it studies only those activities which are related to the material welfare.