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Why Marshall's definition is best ? Why?
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Why Marshall's definition is best ? Why?


Why Marshall's definition is best?

Marshall's definition of economics is considered the best due to the following reasons:

  • Comprehensive approach: Marshall defined economics as a study of mankind in the ordinary business of life. This definition takes into account various aspects of human behavior, including consumption, production, distribution, and exchange, making it a comprehensive approach to the subject.
  • Focus on welfare: Marshall's definition emphasizes the welfare of society as a whole, rather than just individual wealth or profit. This reflects a more holistic view of economics that considers the well-being of all members of society.
  • Real-world applicability: By framing economics as a study of everyday life, Marshall's definition highlights the practical applications of economic principles in the real world. This makes the subject more relatable and relevant to people's lives.
  • Long-lasting impact: Marshall's definition has stood the test of time and continues to be widely accepted in the field of economics. Its enduring relevance and influence make it a preferred framework for understanding economic phenomena.


Community Answer
Why Marshall's definition is best ? Why?
This is because, in real life we can compare satisfaction in ratings like good, avg, best, worst etc. not in numbers.
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Why Marshall's definition is best ? Why?
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