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Write difference s between Marshall's and robbins definition?
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Write difference s between Marshall's and robbins definition?
Marshall’s Definition
Economics is the study of man in ordinary business of life. It enquires how he gets his income and here he uses it. It examines that part of individual and social action, which is most closely connected with the attainment and with the use of material requisites of well-beingIt is the study of wealth on one side and on the other side, which is more important, it is a part of the study of man.
Robbin’s Definition
“Economics is the science which studies human behaviour as a relationship between multiple ends and scarce means, which have alternative uses.”
Difference between Marshall's and Robbins:
1.Economic and non-economic activities:
Marshall classifies the human activities into economic and non-economic. Economic activities are related to physical goods which increases material welfare. According to him, Economics only studies the material welfare. But according to Robbins, all the human activities are under the study of economics where scarcity and choice arise.
2.Social and human science:
According to Marshall, economics is a social science which studies ordinary business of life. It does not study the extra ordinary man like Robbins Cruseo. But, In the view of Robbins, Economics is a human science which studies all the human being who involved in the use if scare means to fulfill the unlimited wants.
3.Normative and Positive Science:
Marshall Regards economics as a normative Science. Thus, The economics have the Responsibility of making Value Judgment, their functions is to examine the right or wrong of an economic activity. Robbins regards economics as a positive science. Thus The economists have no Responsibility of value Judgment i.e their task is not to examine the right or wrong of an economic activity. Their Responsibility is to explain and explore not to suggest.
4.Application in different Economics:
Marshall’s definition is applicable only in capitalist economy where individual freedom is but Robbin’s Definition is applicable in all types economies such as socialist,capitalist, and mixed economic system.
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Write difference s between Marshall's and robbins definition?
Differences between Marshall's and Robbins' definitions:
Marshall's definition of economics and Robbins' definition of economics are two well-known and influential definitions that have shaped the field of economics. While both definitions provide insights into the subject, they differ in their focus and approach. Here are the key differences between Marshall's and Robbins' definitions:
1. Marshall's Definition:
Marshall's definition of economics is more traditional and broad in nature. According to Marshall, economics is the study of mankind in the ordinary business of life. He emphasizes the importance of understanding the activities of individuals and their interactions in society. Marshall's definition incorporates both material and non-material aspects of human life and emphasizes the role of human welfare and social well-being.
2. Robbins' Definition:
Robbins' definition of economics, on the other hand, is more modern and narrow in scope. According to Robbins, economics is the science that studies human behavior as a relationship between ends and scarce means that have alternative uses. He takes a more analytical approach and focuses on the allocation of scarce resources to satisfy unlimited human wants. Robbins' definition emphasizes the role of scarcity and choice in economic decision-making.
3. Scope:
Marshall's definition has a broader scope as it encompasses various aspects of human life, including social, psychological, and cultural factors. It recognizes that economic decisions are not solely driven by rationality and self-interest but are also influenced by social and ethical considerations. On the other hand, Robbins' definition has a narrower scope as it primarily focuses on the allocation of scarce resources and the optimization of individual and societal welfare.
4. Methodology:
Marshall's approach to economics is more descriptive and relies on empirical observation and historical analysis. He emphasizes the importance of studying real-world data to understand economic phenomena. On the contrary, Robbins' approach is more abstract and analytical. He uses mathematical models and deductive reasoning to analyze economic behavior and make predictions.
5. Value Judgment:
Marshall's definition acknowledges the existence of value judgments in economic analysis. He recognizes that economic decisions are influenced by subjective preferences and social norms. In contrast, Robbins' definition takes a more value-free approach by focusing on the objective analysis of economic behavior without explicitly considering ethical or normative aspects.
In conclusion, Marshall's and Robbins' definitions of economics differ in their scope, methodology, and approach. Marshall's definition is more comprehensive, incorporating social and ethical considerations, while Robbins' definition is narrower and focuses on the allocation of scarce resources. Both definitions have had a significant impact on the development of economic theory and provide valuable insights into the study of economics.
Marshall's definition of economics and Robbins' definition of economics are two well-known and influential definitions that have shaped the field of economics. While both definitions provide insights into the subject, they differ in their focus and approach. Here are the key differences between Marshall's and Robbins' definitions:
1. Marshall's Definition:
Marshall's definition of economics is more traditional and broad in nature. According to Marshall, economics is the study of mankind in the ordinary business of life. He emphasizes the importance of understanding the activities of individuals and their interactions in society. Marshall's definition incorporates both material and non-material aspects of human life and emphasizes the role of human welfare and social well-being.
2. Robbins' Definition:
Robbins' definition of economics, on the other hand, is more modern and narrow in scope. According to Robbins, economics is the science that studies human behavior as a relationship between ends and scarce means that have alternative uses. He takes a more analytical approach and focuses on the allocation of scarce resources to satisfy unlimited human wants. Robbins' definition emphasizes the role of scarcity and choice in economic decision-making.
3. Scope:
Marshall's definition has a broader scope as it encompasses various aspects of human life, including social, psychological, and cultural factors. It recognizes that economic decisions are not solely driven by rationality and self-interest but are also influenced by social and ethical considerations. On the other hand, Robbins' definition has a narrower scope as it primarily focuses on the allocation of scarce resources and the optimization of individual and societal welfare.
4. Methodology:
Marshall's approach to economics is more descriptive and relies on empirical observation and historical analysis. He emphasizes the importance of studying real-world data to understand economic phenomena. On the contrary, Robbins' approach is more abstract and analytical. He uses mathematical models and deductive reasoning to analyze economic behavior and make predictions.
5. Value Judgment:
Marshall's definition acknowledges the existence of value judgments in economic analysis. He recognizes that economic decisions are influenced by subjective preferences and social norms. In contrast, Robbins' definition takes a more value-free approach by focusing on the objective analysis of economic behavior without explicitly considering ethical or normative aspects.
In conclusion, Marshall's and Robbins' definitions of economics differ in their scope, methodology, and approach. Marshall's definition is more comprehensive, incorporating social and ethical considerations, while Robbins' definition is narrower and focuses on the allocation of scarce resources. Both definitions have had a significant impact on the development of economic theory and provide valuable insights into the study of economics.
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Write difference s between Marshall's and robbins definition?
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Write difference s between Marshall's and robbins definition? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Write difference s between Marshall's and robbins definition? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write difference s between Marshall's and robbins definition?.
Write difference s between Marshall's and robbins definition? for Commerce 2025 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about Write difference s between Marshall's and robbins definition? covers all topics & solutions for Commerce 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Write difference s between Marshall's and robbins definition?.
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