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What is difference between Adam smith and Alfred Marshall on economics definition?
Marshall and Robbins have defined Economics in different ways but there are some similarities and differences between there definition which are mention below Similarities 1 Study of human activities Both Marshall and Robbins have given the primary place to human beings,both have ignored important of wealth and stressed in the human activities. 2 Wealth and scarce means There is no fundamental difference between wealth and scarce means.Robbins used the words scarce means and Marshall used the word wealth which signify the same meaning because in economics wealth includes only those items that are limited all scarce to fulfill the unlimited desires. 3 Maximum welfare and Maximum Satisfaction Marshall's definition reverse to the utilization of wealth for the promotion of maximum welfare and Robbin's definition referred to the utilization of scarce means for the maximum satisfaction therefore both their definitions signify the same meaning. 4 Human Behaviors Marshall's definition has studies the human social behavior whereas Robbin's definition definition has studies all types of human behavior therefore both definitions has studied the human behavior.
What are the best definition of economics?
The best definition is that by Lionel Robins, "Economics is the social sciences which studies human behavior as a relationship between ends and scare means which has alternative uses"
What is the definition of economics by Prof L Robbins?
economics is the study of human behaviors as a relation between ends and scarce resources that have alternative uses.
What is the definition of econnomis given by marshall?
Alfred Marshall defines Economics as, "The science which studies human behaviour as a relationship between ends and scarce means, which have an alternative use."
Lionel robbins definition of economics?
Economics is a social science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
