Economics as a Science of Material well Being

Alfred Marshall defined Economics as : - a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of wellbeing. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man. A. C . Pigou defined Economics as The range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money

Other Related Videos for Wealth and Welfare Definition of Economics