The economists are also divided regarding the nature of economics. The following questions are generally covered in the nature of economics. a) Is economics a science or an art? b) …

Every country has to solve the following five inter related problems: 1. What to produce? 2. How to produce? 3. How to distribute the national income? 4. How to ensure …

At present, the study of economics is very much important in our life. The necessity of the study of economics is discussed below: 1. Necessary in everyday life of a …

The economists are of different opinions regarding the subject matter of economics. Therefore, the subject matter of economics is gradually being wider. The subject matters of economics are as follows. …

1. The issues of human welfare are ignored: According to Prof. Boulding, Prof. L. Robbins discussed only the problem of scarcity. The problem of scarcity is applicable not only for …

L. Robbins definition has some basic characteristics. These are as follows: 1. The realistic explanation of Economics: Prof. L. Robbins in his definition explained the concept of scarcity, unlimited wants …

Most scientific and authentic definition is given by Prof. L Robbins in his book entitled ‘Nature and significance of economic science’ in 1931. Economics is a science which studies human …

Criticism of Prof. Marshall’s Definition 1. Prof. Marshall has over emphasized human welfare in the definition of Economics. But according to L. Robbins economics is not purely a welfare study. …

The characteristics of Marshall’s definition: If we analyze the definition of Professor Marshall we can see some characteristics. These are as follows. 1. Ordinary business of mankind: According to Prof …

The discussion leading to a definition is very useful in giving a clear understanding of the subject. Therefore, examine some of the definitions put forward from time to time. Definition …