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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. In present life there are some issues which are not totally related with human welfare. Such as wine and other addictive goods have no relationship with human welfare. But those goods have economic importance. But Prof. Marshall has excluded these from economic view points. Therefore, Prof. Marshall’s definition is incomplete according to L. Robbins.
2. The importance of immaterial goods has been ignored. Marshall has emphasized on the earning of material goods rather than immaterial ones. If human welfare is dependent not only on the earning of material goods but also on some immaterial service works like service of a teacher, service of a doctor, the works of an artist etc. For emphasizing on only material goods the definition of Marshall has been narrow definition.
3. Prof. Marshall has ignored the basic problem of human life. According to the modern economists, the basic problem of economics is the problem of scarcity. To satisfy unlimited wants through using limited resources is the basic economic problem which has not been touched by the definition of Prof. Marshall.
4. Prof. Marshall considered economics as somewhat ethics. But it is not an ethics. What ought to be or what ought not to be is not discussed in economics. It is a science. As Prof. Marshall termed it as the study of ethics, so it is out of the norms of the science.
5. Prof. Marshall has measured welfare through money. But welfare is not measurable by money. Human peace, contentment etc. are the state of human mind. Thus human welfare is measurable by money. This concept of Prof. Marshall is not applicable.
6. Economics is not the study of men who are out of society. According to Prof. Marshall the activities of a man out of the society are not discussed in economics. But according to L. Robbins the economic activities of a man either within the society or out of society both are discussed in economics. From this view point the definition of Prof. Marshall is partial.
Above all, with the criticisms of different economists the definition of Prof. Marshall has great importance. He is the first man to turn economics as a human related and welfare study. The ordinary business of man is the part and parcel of human life. This humanity side of economics has been displayed in the definition of Prof. Marshall.