Definition of Economics

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 of Economics given by Professor Marshall and its criticism

‘Economics is the study of mankind in the ordinary business of life’. The ordinary business of mankind means the money earning and money expending activities. The major discussion of economics is the activities of how to earn money, how it is expanded to satisfy different human needs. According to Marshall a man needs money. But collecting of money is not the principal objective. The main objective of collecting is human being and human welfare. Money is the media through which the goal can be achieved.
‘Economics is on the one side a study of wealth and on the other and more important side, a part of the study of man’
In brief, Professor Marshall has more emphasized on human welfare than wealth.
According to Marshall How to earn wealth and how to employ this wealth for human welfare is the main objective of economics.