Critically explain the Marshall’s Definition of Economics (Welfare definition or Neo classical definition). |
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| Ans : Alfred Marshall (1842-1924), an eminent English economist, recognized the incompleteness of wealth definition of economics and gave a new concept of economics. Alfred Marshall published his book, “principles of Economics” in 1890 AD and defined economics in terms of material welfare.
According to Alfred Marshall, “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.”
This view was supported by A.C Pigou, Cannon and Beveridge.
According to A.C Pigou,” Economics deals with that part of social welfare that can be brought directly or indirectly into relation with measuring rod of money.”
According to Cannon, “Economics is the study of material welfare.
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