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Explain the definition of economics given by Alfred Marshall |
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Answer» According to Alfred Marshall, Economics is the study of mankind in the ordinary business of life. Marshall argued that the subject was both the study of wealth and the study of mankind. He believed it was not a NATURAL science such as physics or chemistry, but rather a social science. You may ask about how the Economics is the study of mankind. Well, when Adam Smith, father of the Modern Economics, says that the Economics is the science of wealth, but neither he nor Marshal literally means that it is the science of wealth. Just the main subject of Marshal includes mankind too. It is SIMPLE, the production, consumption and distribution of commodities and wealth depends on so many social and POLITICAL factors that in order to understand the Economy, STUDYING Society and Politics, and for the sake of SIMPLICITY we can use the umbrella term 'Mankind' for that, is important. |
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