historywalebhaiya

What and why of economics ? The boring and correct  way to define Economics is that " Economics is a science which deals with the production , distribution and consumption of goods and services.  but the more easy way to explain to a beginner is the scarce definition .   According to Robbins , " Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. " So according to me economics is  a science which came into existence for maximum utilization of minimum resource. the definition of economics is incomplete without the wealth definition of Adam smith (father of economics) he defined economics as " Economics is a science which inquired into the nature and causes of wealth of nations". My favorite definition and most philosophical definition is given by Alfred marshal , who said " Economics is the study of man in the ordinary business of life ".