Comparison Between Marshall's and Robbin's Definitions of Economics
Class: 11 | Management
Subject: Economics
According to Marshall, economics is a science of material welfare. His definition has focus on the role of mankind as well as wealth in economic life. But Robbins’s definition considered economics as a study of scarcity and choice. A comparative study of both definitions is made on the basis of their similarities and differences.
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Similarities
Similarities between Robbins’s & Marshall’s definition can be shown in the following points.
1. Primary importance to man
Both Marshall and Robbins have given primary importance to man. According to Marshall, economics studies man in relation to wealth. Robbins definition studies human behavior as a relationship between end and scare means which have alternative uses. The ultimate aim of the two definitions is the same about the study of human beings.
2. Wealth and scare means
Marshall has used the word wealth in the process of defining economics. Robbins has used the phrase scare means instead of wealth. Though they are not same, but similar because in economics, wealth is goods which are scare. So, Marshall has directly explained about wealth and Robbins has indirectly explained about wealth.
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Read this Also:
- Robbins's Definition of Economics | Management Class 11
- Concept of Economics | Management Class 11
- Adam Smith's Definition of Economics | Management Class 11
- Marshall's Definition of Economics | Management Class 11
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