Economics

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 …