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.


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