Nature of Economics:
let’s understand the nature of economics:
When we say, nature of a particular subject or discipline we are actually referring to its contents and how and why they find a place in the subject. We can understand the nature of any subject by going through definitions and for Economics as well we have to go through definitions given by notable economists.
But here issue is there are multiple definitions for economics – this has made some scholars to comment that a search for a clear definition of Economics is an exercise in futility. J. M. Keynes, once observed “Political Economy is said to have strangled itself with definitions”.
Jokes apart, definitions makes studying a subject even more interesting, exciting, and enjoyable. When a science grows stage by stage, its newer definition will emerge at every stage, and a concept associated with newer definition will receive special attention. And there should be clear cut definition and boundary for clear understanding of a subject.
As for as Economics is concerned, 4 definitions are available and each definition refers to a particular stage of the growth of the subject.
First definition is given by Adam Smith and it is understood as Wealth Definition and this definition represents Classical era.
Second definition given by Marshall – understood as Welfare Definition and this definition represents Neo-Classical.
Third one is Robbins’ Scarcity Definition representing the New Age and Fourth one is Samuelson’s Growth Definition which represents Modern Age.
In the following sessions, lets discuss each and every definition and their relevance.
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