Welfare
Broader later definitions evolved to include the study of man, human
activity, and human welfare, not wealth as such. Alfred Marshall in his 1890 book Principles of Economics wrote,
activity, and human welfare, not wealth as such. Alfred Marshall in his 1890 book Principles of Economics wrote,
"Political Economy or Economics is a study of mankind in the ordinary business of Life; it examines that part of the individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being."
A definition that captures much of modern economics is that of Lord
Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem.
Robbins in a 1932 essay: "the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Scarcity means that available resources are insufficient to satisfy all wants and needs. Absent scarcity and alternative uses of available resources, there is no economic problem.
The subject thus defined involves the study of choices as they are affected by incentives and resources.
Areas of economics may be divided or classified into various types,
including: Micro Economics and Macro Economics.
Areas of economics may be divided or classified into various types,
including: Micro Economics and Macro Economics.