Robbins definition of Economics challenged Dr. Marshall definition of Economics which was a major improvement over the definition of Adam Smith and other ancient Economists. Before Prof. Lionel Robbins, Prof. Marshall tried to give complete and faultless definition of economics.
Characteristics Of Robbins Definition
Unlimited Wants
According to Prof Robbins definition, human wants are unlimited. On satisfaction of one wants, another want arises immediately.and this sequence continues forever.
Scarce Means
Robbins definition stated that through on one side human needs are unlimited yet on the other side, the means to satisfy these wants, like- time, power, money etc. are also limited. Due to this, many of man’s needs remain unsatisfied.
Alternative Use of Scarce Means
In Robbins’s view though the to ‘satisfy man’s needs are scarce, yet he has alternative uses. In other words, he can use every resource in various objectives and activities. For example – such a resource like land can be use in many ways, such as it can be used for agriculture or for building a house or to established a factory etc.
Variation in the Intensity of wants
Robbins definition states that the intensity of man’s needs is different. Some wants are more intense than the others. Since our means are limited and all wants cannot be satisfied with the limited means; as a result, we have to select some more intense wants from our unlimited wants and the less intense wants have to be either dropped or postponed to a future date.