The definition of economics has been debated and refined
by various scholars over the years. Here's a critical
discussion of the definitions provided by different scholars:
Adam Smith (1776)
Adam Smith, considered the father of modern economics,
defined economics as "an inquiry into the nature and causes
of the wealth of nations." (Wealth of Nations, 1776)
Critique:
Smith's definition focuses on wealth creation, which is a
narrow perspective. It doesn't account for other economic
aspects like distribution, consumption, and welfare.
Alfred Marshall (1890)
Alfred Marshall defined economics as "the 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." (Principles of Economics, 1890)
Critique:
Marshall's definition is broader than Smith's, but still
focuses on material wellbeing. It neglects non-material
aspects of economic activity and the role of institutions.
Lionel Robbins (1932)
Lionel Robbins defined economics as "the science which
studies human behavior as a relationship between ends and
scarce means which have alternative uses." (An Essay on
the Nature and Significance of Economic Science, 1932)
Critique:
Robbins' definition is widely accepted, but it has been
criticized for being too narrow. It focuses on individual
decision-making and neglects the social and institutional
context of economic activity.
Samuelson (1948)
Paul Samuelson defined economics as "the study of how
societies use scarce resources to produce valuable
commodities and distribute them among different people."
(Economics, 1948)
Critique:
Samuelson's definition is more comprehensive than
Robbins', but still focuses on the allocation of resources. It
doesn't explicitly address issues like economic growth,
development, and welfare.
Amartya Sen (1999)
Amartya Sen defined economics as "the study of
economies, which are systems of production, distribution,
and consumption of goods and services, and the analysis of
the economic activities of individuals, firms, governments,
and other institutions." (Development as Freedom, 1999)
Critique:
Sen's definition is broad and inclusive, covering various
aspects of economic activity. However, it may be too broad,
encompassing too many topics and losing focus.
Conclusion
Each scholar's definition of economics reflects their unique
perspective and emphasis. While some definitions focus on
wealth creation, resource allocation, or individual decision-
making, others emphasize the social and institutional
context of economic activity. A comprehensive definition of
economics should incorporate elements from these different
perspectives, acknowledging the complexity and
multifaceted nature of economic phenomena.
