Definition Of Economic By Different Economists:

In the words of Adam Smith:

"Economics is a science of wealth دولت"

Walter defined economics as:

"Economics is that body of knowledge which related to wealth."

In the words of Mills:

"Economics is the science of wealth in relation to mass".

In short. the classical school of thought emphasized purely wealth. So We can

say that. "Economics studies the production. consumption, exchange and

distribution of wealth."

Question: State the four main points of Marshall's definition of Economics.

This Marshallian definition has the following important features:

i. Economics is a social science سماجی علم since it studies the actions of human beings.

ii. Economics studies the ‘ordinary business of life’ since it takes into account the money-earning and money-spending activities of man.

iii. Economics studies only the ‘material’ part of human welfare which is measurable قابل پیمائش in terms of the measuring rod of money. It neglects نظرانداز کرنا other activities of human welfare not quantifiable in terms of money. 

iv. Economics is not concerned with “the nature and causes of the Wealth of Nations.” The welfare of mankind انسانیت کی فلاح و بہبود, rather than the acquisition حصول of wealth, is the object of primary importance.