MEANING OF ECONOMICS AND RELATED CONCEPTS
CONTENT
- Meaning of Economics
- The Scope of Economics
- The Importance of Studying Economics
- Economics as a Social Science
Meaning of Economics
Economics has many definitions. The reason is that Economists see the subject from different points of view.
Adam Smith: He is regarded as the father of Economics because he laid the foundation of Economics as a discipline/subject. In his book titled “The wealth of nations” written in 1776, he defined Economics as “an inquiry into the nature and causes of the wealth of Nations”.
Other notable Economicts are Alfred Marshall (1890), John Stuart Mill (1843); Professor Alfred Pigou; Lord Keynes, H.J. Davenport; Professor Paul Samuelson, Professor Sam Aluko of Nigeria, Professor Lionel Robbins etc.
Economics has many definitions. The most widely accepted definition is given by Professor Lionel Robbins which says “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”. His definition is widely accredited because it embraces the following terms:
- Economics is a Social Science because it deals with human behaviour and the activities of the people in the society.
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ClassHall Instructor
Halima Ahmadu
Maryam