Search answer for your unanswered questions.

Class : 11
Unit : Economics

Make a Comparison between Marshall’s and Robbin’s definition.

Ans : According to Robbins, ” Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.” According to Marshall’s,” Economics is the study of mankind in ordinary business of life. It inquires how a man earns income and how he uses it. Thus, it is on the one side the study of wealth and on the other side, the most important part is the study of mankind.” A. Similarities between Welfare and Scarcity definition. Ans:- These are the similarities between Welfare and Scarcity definition: i) Both the definition has given importance to man than to wealth. ii) Both regarded economics as science. iii) Both the definition are based on the assumption of the rational behavior of man. iv) The concept of welfare forms the subject matter in both definition. B. Difference between welfare and scarcity. Marshall definition Robbins definition i. According to Marshall, economic is a social science. According to Robbin’s, economics is a human science. ii. The concept is based on normative science. The concept is based on positive science. iii. The science of material welfare. The science of scarcity and choice. iv. Marshall’s definition is classificatory. It is based of classification of wants as material and non-material. Robbin’s definition analytical and is free from such classification of wants. v. It aims to provide material welfare to mankind. It aims to satisfy maximum want from limited resources.
    Did you find this answer useful?
   Then Register Now to view other answers easily.