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Explain the scarcity definition of Economics and assess it. - Economics

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प्रश्न

Explain the scarcity definition of Economics and assess it.

संक्षेप में उत्तर

उत्तर

Lionel Robbins published a book “An Essay on the Nature and Significance of Economic Science”. In it, he defined “Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.
Assessment:

  1. Robbins does not make any distinction between goods conducive to human welfare and goods that are not.
  2. Economics deals not only with the microeconomic aspects but also with the macroeconomic aspects like how national income is generated.
    Robbins reduces economics merely to the theory of resource allocation.
  3. Robbin’s definition does not cover the theory of economic growth and development.
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Nature of Economics
  क्या इस प्रश्न या उत्तर में कोई त्रुटि है?
अध्याय 1: Introduction to Micro Economics - Model Questions - Part C [पृष्ठ २३]

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सामाचीर कलवी Economics [English] Class 11 TN Board
अध्याय 1 Introduction to Micro Economics
Model Questions - Part C | Q 28 | पृष्ठ २३
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