What are the Main Ideas/Characteristics/Features of welfare definition? |
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| Ans : The Main Ideas/Characteristics/Features of welfare definition are as follows:
i) Primary importance to mankind:- According to Alfred Marshall, wealth is not required own sake. It is required for the sake of man and for the sake of his welfare. It is just a means that satisfy human wants. Economic is the study of wealth in relation to man and therefore the important should be given to men not to wealth.
ii) Study of ordinary man:- According to Marshall, economics is the study of ordinary man. According to him ordinary man are those who get involved not only in accumulation of wealth but also try to experience love, sympathy, respect, honor to make their social life more meaningful.
iii) Study of material welfare:- According to Marshall, economic studies only those activities of a common man which are concerned with material welfare. Material welfare is the satisfaction derived from consumption of material goods like food, clothes, telephone, water etc. The study of non-material welfare is excluded from the scope of economics. Such as satisfaction derived from consumption of non-material goods like doctor service. Teacher service etc.
iv) Social Science:-According to Alfred Marshal, economics is the social science. It studies those human beings who live in society. It does not include isolated person such as beggar, saints, sages, hermits, priests, monks etc.
v) Normative Science:- According to this definition, Economics is the normative science. Since it studies what should be done to promote material welfare of men.
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