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Sep 21, 2009 · Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. (Robbins 1932, p. 15)
- Roger E. Backhouse, Steve G. Medema
- 2009
- General Definition of Economics: The English word economics is derived from the ancient Greek word oikonomia—meaning the management of a family or a household.
- Adam Smith’s Wealth Definition: The formal definition of economics can be traced back to the days of Adam Smith (1723-90) — the great Scottish economist.
- Marshall’s Welfare Definition: ADVERTISEMENTS: Alfred Marshall in his book ‘Principles of Economics published in 1890 placed emphasis on human activities or human welfare rather than on wealth.
- Robbins’ Scarcity Definition: The most accepted definition of economics was given by Lord Robbins in 1932 in his book ‘An Essay on the Nature and Significance of Economic Science.
- Roger E. Backhouse and Steven G. Medema
- The Evolving Relationship between Scarcity and Choice
- Conclusion
This feature addresses the history of economic terms and ideas. The hope is to deepen the workaday dialogue of economists, while perhaps also casting new light on ongoing questions. If you have suggestions for future topics or authors, please contact Joseph Persky, Professor of Economics, University of Illinois, Chicago, at jpersky@uic.edu .
The Robbins definition of economics may seem straightforward, but it has been interpreted in different ways. For example, consider the relationship between scarcity and choice. The idea that scarcity implies choice, which in turn takes place through a process of rational maximization, is common currency in contemporary economics. Even critics of ra...
Modern economists do not subscribe to a homogeneous definition of their subject. At a time when economists are tackling subjects as diverse as growth, auctions, crime, and religion with a methodological toolkit that includes real analysis, econometrics, laboratory experiments, and historical case studies, and when they are debating the explanatory ...
Jul 17, 2023 · Define economics. Explain the concepts of scarcity and opportunity cost and how they relate to the definition of economics. Understand the three fundamental economic questions: What should be produced? How should goods and services be produced? For whom should goods and services be produced?
An authoritative and comprehensive dictionary containing 2,500 key economic terms with clear, concise definitions. It covers all aspects of economics including economic theory, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, environmental economics, and many others.
Apr 13, 2020 · According to Marshall’s definition, economics is a social science in which man’s Economic problems occupy distinct position. This science stresses on man’s welfare and man’s welfare is the main objective of this science.
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Aug 9, 2023 · In 1932 Lionel Robbins provided what has become the most commonly cited definition of economics. The aims of this lecture are as follows. 1. To explain the arguments Robbins made in the book in which he provided this definition; 2.
