Economics is study of mankind in the ordinary business of life - Discuss the statement
Civic Economy or Economics is a study of society in the regular business of life. It examines that part of the individual & social behavior which is most closely connected with the achievement & with the use of material requisites of well-being".
This definition Money states that Economics is on the one side a study of property and on the additional and more significant side “a part of the study of man well-being Marshall’s followers like Pigou, Cannon and Beveridge have also defined Economics regarding element progress.
Features of Marshall’s Description:
The Marshall’s explanation of Economics has the following primary functions:
(1) Wealth is not the be-all and end-all of economic activities: Economics does not regard property as the be-all and the end-all of economic movements. Property sought for promoting human welfare. Hence, wealth is only a means to the fulfillment of an end which is people's health. Thus, capital is committed to a secondary place.
(2) Study of an ordinary man: Economics is not concerned with what called in Economics ‘economic man,' i.e., a man whose only motive is to acquire wealth for its sake and who is not affected by human thoughts in the pursuit of wealth. Rather, Economics bargain with ordinary male and females who are influenced by love, friendship, and fellow-feelings and not merely driven by the desire to get a maximum monetary advantage.
(3) Economics is a social science: Economics is a social science and not one which studies isolated individuals or Robinson Crusoe. Economics surveyed people living in society controlling other people and influenced.
(4) Economics does not study all actions of man: Economics does not study all the liveliness of man. It is involved with those actions which can be brought directly or obliquely with the measuring-rod of money. Marshall clearly explains that business is different from other work. For example,
Marshall says that business is different from the activities mentioned above. A farmer going to the field or a worker going to the factory to work is an economic activity—they are trying to earn money. With that money, they will buy goods to satisfy their wants. In other words, economics deals with desires, efforts, and satisfaction.
In the words of Marshall, "man earns money to get material welfare." Marshall gives importance to well-being and man. As such this sense came to be described the welfare meaning.
(5) Study of material welfare: Economics regarded as the ways in which man applies his knowledge and skill to the benefits of nature for the satisfaction of his material welfare. Economics studies only ‘material requisites of well-being’ or causes of material welfare.
Features:
The definitions given by Welfare School of Professors have the following essential features of Business as Material Good:
(i) Wealth is negative the be all and the ending all of the individual activities: Economics does not regard property as the be all and the end all of the human activities. It is only a mean to the achievement of an end which is social welfare. Welfare and not the property is; therefore, of primary importance to man.
(ii) Study of an ordinary man: Economics is a study of a common man who lives in free society. A person who cut away from the community is not the case of the subject of Distribution.
(iii) It does not study all actions of man: Economics does not investigate all the activities of man. It is involved with those actions which can be brought immediately or obliquely with the mapping rod of cash.
(iv) Study of material progress: Economics is concerned with the processes in which man uses his knowledge, skill to the benefits of Nature for the satisfaction of his material well-being.
Thus, Why Economics is study of humanity in the ordinary business of life.
Civic Economy or Economics is a study of society in the regular business of life. It examines that part of the individual & social behavior which is most closely connected with the achievement & with the use of material requisites of well-being".
This definition Money states that Economics is on the one side a study of property and on the additional and more significant side “a part of the study of man well-being Marshall’s followers like Pigou, Cannon and Beveridge have also defined Economics regarding element progress.
Features of Marshall’s Description:
The Marshall’s explanation of Economics has the following primary functions:
(1) Wealth is not the be-all and end-all of economic activities: Economics does not regard property as the be-all and the end-all of economic movements. Property sought for promoting human welfare. Hence, wealth is only a means to the fulfillment of an end which is people's health. Thus, capital is committed to a secondary place.
(2) Study of an ordinary man: Economics is not concerned with what called in Economics ‘economic man,' i.e., a man whose only motive is to acquire wealth for its sake and who is not affected by human thoughts in the pursuit of wealth. Rather, Economics bargain with ordinary male and females who are influenced by love, friendship, and fellow-feelings and not merely driven by the desire to get a maximum monetary advantage.
(3) Economics is a social science: Economics is a social science and not one which studies isolated individuals or Robinson Crusoe. Economics surveyed people living in society controlling other people and influenced.
(4) Economics does not study all actions of man: Economics does not study all the liveliness of man. It is involved with those actions which can be brought directly or obliquely with the measuring-rod of money. Marshall clearly explains that business is different from other work. For example,
- If a student visits a friend who is ill, it is a social movement,
- If a person gives his vote in selection, it is a political action.
- If a person goes to church/temple, it is a religious activity.
Marshall says that business is different from the activities mentioned above. A farmer going to the field or a worker going to the factory to work is an economic activity—they are trying to earn money. With that money, they will buy goods to satisfy their wants. In other words, economics deals with desires, efforts, and satisfaction.
In the words of Marshall, "man earns money to get material welfare." Marshall gives importance to well-being and man. As such this sense came to be described the welfare meaning.
(5) Study of material welfare: Economics regarded as the ways in which man applies his knowledge and skill to the benefits of nature for the satisfaction of his material welfare. Economics studies only ‘material requisites of well-being’ or causes of material welfare.
Features:
The definitions given by Welfare School of Professors have the following essential features of Business as Material Good:
(i) Wealth is negative the be all and the ending all of the individual activities: Economics does not regard property as the be all and the end all of the human activities. It is only a mean to the achievement of an end which is social welfare. Welfare and not the property is; therefore, of primary importance to man.
(ii) Study of an ordinary man: Economics is a study of a common man who lives in free society. A person who cut away from the community is not the case of the subject of Distribution.
(iii) It does not study all actions of man: Economics does not investigate all the activities of man. It is involved with those actions which can be brought immediately or obliquely with the mapping rod of cash.
(iv) Study of material progress: Economics is concerned with the processes in which man uses his knowledge, skill to the benefits of Nature for the satisfaction of his material well-being.
Thus, Why Economics is study of humanity in the ordinary business of life.
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