Definitions of Economics | Wealth, Welfare, Scarcity and Growth Definition of Economics

[0:06]Do you know different definitions of economics given by different economists? Wealth definition of economics was given by Adam Smith in 1776, who is regarded as father of economics. In 1776, he published a book titled an inquiry into the nature and cause of the wealth of nation. In which he defined economics as a science which inquires into the nature and cause of wealth of nations. Welfare definition of economics was given in 1890 by Alfred Marshall in his book, Principles of Economics. which stated that economics is a study of man in the ordinary business of life. Scarcity definition of economics was given by Lionel Robbins in 1932. He defines economics as a science of scarcity. Professor Robins in his book Nature and Significance of Economic Science states, economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. Growth definition of economics was given by Paul A Samuelson in 1948. He defines economics as the study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in future among various people and groups of society. So, stay tuned for the next video. Thank you for watching. If you are new to my channel, please like, share, and subscribe to my channel.