Meaning and Definition of economics:
In the past, people studied economics alongside theology and political science. The study of economics began as a separate discipline when the focus shifted to economic problems. Adam Smith organised the disparate ideas and introduced the scientific form of economics in the 18th century. So, he is called the Father of economics. Various economists have defined economics but there is no universally accepted single definition.F. Zeudhen opines that economics is an unfinished science. David Begg and others say that “trying to understand economics is about, by studying definitions, is like to learn to swim by reading an instruction manual.” However, an attempt has to be made to provide a systematic and comprehensive definition of economics as it helps to know the nature, scope, significance, and limitations of economics.
The definitions of economics can be divided into four groups:-
1) Adam Smith: Wealth definition
2) Alfred Marshall: Welfare definition
3) Lionel Robbins: Scarcity definition
4) P.A Samuelson: Growth definition
1) Adam Smith: Wealth definition
2) Alfred Marshall: Welfare definition
3) Lionel Robbins: Scarcity definition
4) P.A Samuelson: Growth definition
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