CBSE Class 11-commerce Answered
How has Marshall defined economics?
Asked by sahilgahlod | 19 Aug, 2018, 12:56: PM
Expert Answer
Alfred Marshall laid more emphasis on the role of an individual in the creation and use of wealth. According to Marshall in his book the “Principles of Economics” first published in 1890, “Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man”. Thus, his definition is known as “welfare–oriented” definition.
Answered by Tharageswari S | 20 Aug, 2018, 08:50: AM
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