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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 Marshall ‘Economics is the study of mankind in the ordinary business of life. All activities of a man regarding income and expenditure are the subject matter of economics’.
2. Social science: Prof. Marshall has established economics as a social science. According to him economics studies the economic activities of a social being. The activities of a man who is out of society, is not the subject matter of economics.
3. To collect wealth and uses of wealth: Prof. Marshall in his definition has not only noted economics as the wealth getter science but also has established it on the appropriate use of the earned wealth.
4. Valuation of money: According to Prof. Marshall the human activities which are undertaken for satisfying human needs can be measured by money.
5. Emphasize on human welfare: The most important feature of Prof. Marshall’s definition of economics is to emphasize on human welfare. According to Prof. Marshall the principal object of economics is human welfare. Wealth is only the means of attaining human welfare. Through emphasizing on human welfare Prof. Marshall has made economics as study of humanity and human welfare.