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Normative aspect of Economics is given by:
- a)Marshall
- b)Robbins
- c)Adam Smith
- d)Samuelson
Correct answer is option 'A'. Can you explain this answer?
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Normative aspect of Economics is given by:a)Marshallb)Robbinsc)Adam Sm...
Normative science
According to Alfred Marshall, economics is a normative science. Marshall said that wealth should be utilized for human welfare.
Criticisms of Welfare definition
Professor Lionel Robbins has criticized the Marshalls definition of economics and introduced the modern definition economics in 1932 A.D. The major criticisms made by Robbins are as follows:
1. Classificatory in Nature
Alfred Marshall classified human activities into material and non-material welfare, ordinary and other business. However, he could not clarify the differences between these terms. Therefore, in the view of Robbins, this definition is classificatory in nature rather than analytical in nature.
2. Narrow or Limited Scope
Alfred Marshall stressed that economics studies just about material welfare obtained from materials activities carried out by human beings. On the other hand, critics pointed out that there is some other non-material welfare which fulfills human desires and needs that come under the subject matters of economics.
3. Lack of Clear Concept about Welfare
Marshall has highly focused on material welfare rather than human welfare in his definition. Lionel Robbins pointed out that the concept of welfare differs according to time, place and circumstances. A smoker and alcohol lover considers smoking and alcohol and promotes his welfare. On the other hand, same commodities such as harmful drugs, tobacco and alcohol are harmful to other non-smokers because they cannot promote their welfare in any form.
4. Excludes Human Science
According to Alfred Marshall, economics studies about those people who are living in society. But the critics of this definition argued that economics should study total human beings whether they are actively participating in social functions or they are isolated from society.
5. It involves value judgments
The word "welfare" in Marshall Definition involves value judgments and relates "Economics" to the branch of ethics. But economics should be neutral regarding moral judgments and about what is good and what is bad.
Most Upvoted Answer
Normative aspect of Economics is given by:a)Marshallb)Robbinsc)Adam Sm...
Normative Aspect of Economics by Marshall
Normative economics is a branch of economics that deals with the value judgments and opinions on what the economy should be like. It involves subjective opinions that cannot be tested using empirical methods. The normative aspect of economics was introduced by Alfred Marshall, who is considered the father of modern economics.
The normative aspect of economics is concerned with what should be, rather than what is. It involves the use of value judgments to determine what is good or bad for the economy. It is based on the belief that economics should be concerned with the welfare of society and that economic policies should be designed to promote the general welfare.
Normative economics is different from positive economics, which is concerned with what is, rather than what should be. Positive economics deals with the study of economic phenomena and the development of economic theories based on empirical data.
Conclusion
In conclusion, the normative aspect of economics is concerned with value judgments and opinions on what the economy should be like. It was introduced by Alfred Marshall and is based on the belief that economics should be concerned with the welfare of society. Normative economics is different from positive economics, which is concerned with what is, rather than what should be.
Normative economics is a branch of economics that deals with the value judgments and opinions on what the economy should be like. It involves subjective opinions that cannot be tested using empirical methods. The normative aspect of economics was introduced by Alfred Marshall, who is considered the father of modern economics.
The normative aspect of economics is concerned with what should be, rather than what is. It involves the use of value judgments to determine what is good or bad for the economy. It is based on the belief that economics should be concerned with the welfare of society and that economic policies should be designed to promote the general welfare.
Normative economics is different from positive economics, which is concerned with what is, rather than what should be. Positive economics deals with the study of economic phenomena and the development of economic theories based on empirical data.
Conclusion
In conclusion, the normative aspect of economics is concerned with value judgments and opinions on what the economy should be like. It was introduced by Alfred Marshall and is based on the belief that economics should be concerned with the welfare of society. Normative economics is different from positive economics, which is concerned with what is, rather than what should be.
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Normative aspect of Economics is given by:a)Marshallb)Robbinsc)Adam Sm...
Alfred Marshall was a British economist who proposed the definition of welfare according to which economics should be a science of creation of welfare for both human as well as society believed that the subject studies the creation of materialistic things in the economy for personal gains which is not good for the welfare of the society. Therefore, he proposed a normative definition on economics.
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Normative aspect of Economics is given by:a)Marshallb)Robbinsc)Adam Smithd)SamuelsonCorrect answer is option 'A'. Can you explain this answer?
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