Similarities Between Marshall’s and Robbins’ Definition of Economics:
1. Marshall and Robbins both have given primary importance to human beings. Their focus is in the human activities rather than wealth accumulation.
2. Both discuss about means in their definition. Marshall used the term ‘wealth’ while Robbins used the term ‘scarce means’, which fundamentally refer to similar thing.
3. Both Marshall’s and Robbin’s definition signify the same meaning in terms of human satisfaction. Marshall states about wealth utilization for promoting maximum welfare and Robbins states about utilizing scarce means for maximum satisfaction.
4. Both the definitions study human behavior. Marshall discusses that economics studies human social behavior and Robbins states that economics studies all types of human behavior.
Dissimilarities or Differences Between Marshall’s and Robbins’ definition of economics:
Marshall’s Definition of Economics | Robbins’ Definition of economics |
Marshall’s definition is classificatory as he classified welfare into material and immaterial. | Robbins’ definition is analytical as he analysed the wants and well being of human rather than classifying them. |
Marshall has considered economics as a social science. | Robbins has considered economics as a human science. |
His definition considers only material wants of human beings and deals only with the activities of people living in a society. | His definition considers human behavior as a relationship between scarce means and ends that have alternative uses. |
Marshall opines that economics is related only with the material welfare of people. | Robbins opines that economics is considered with both material and non material welfare of people. |
Marshall states that wealth is the resource for material welfare. | Robbins states that scarce means are the resources for satisfaction of human wants. |
His definition is known as ‘welfare definition’. | His definition is known as ‘scarcity definition.’ |
Marshall considers economics as a positive science. | Robbins considers economics as a normative science. |
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