hello everyone and welcome to the
brand-new video of Bisnomics Academy
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video we are going to discuss definition
of economics by different economists
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upload any new video so far number of
definitions have been given by different
economists we can look them under four
groups or four heads you can say that
number one science of material science
of wealth science of choice or scarcity and Science
dynamic growth in development let's
first talk about the science definition
related to science of wealth
Adam Smith an Scottish philosopher also
known as father of economics he wrote a
book in 1776 named as an inquiry into
the nature and causes of the wealth of
the nations in this book he defines
economics as a science which studies
production consumption distribution and
exchange of wealth
according to him economics inquire
factors that determines wealth of a
country now let's talk about the another
definition of economics which says
economics is the science of materials
rather than science of a wealth a
neoclassical economist alfred marshall
alfred marshall gave new dimension to
economics
he is the first economists who
shift the focus of society from wealth to
welfare according to him economics
examines actions connected with material
requisites of well-being now let's talk
about the third group which is related
to Choice or is scarcity
Lionel Robbins wrote his book in 1932
named as nature and significance of
economic science and this book he
rejects classical economists according
to Robbins economics is a science that
studies human behavior as relationship
between ends and scarce resources which
have alternative uses Robbins definition
is based on four things human wants are
unlimited resources are limited wants
are not equally important resources have
alternative uses now the fourth group
dynamic growth and development
Paul Samuelson gave a modern economic
definition in 1948 according to him
economics the study of how society
choose with or without the use of money
to emply the scarce productive resources
which have alternative uses to produce
various commodities over time
