Economics: Concept, Meaning, Definition, and Criticism

Abstract

Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society.

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Introduction to Economics

The term Economics is derived from the Greek word ‘Oikonomia’, which means ‘household management' - termed by Aristotle, the Greek philosopher. Further in the progress of time, at the end of the 18th century, English economics Adam Smith defined economics as 'Science of Wealth'. According to him, 'Economics is a science that enquires into the nature and causes of the wealth of nations'. It means economics is the core concept of how wealth is produced and used further. Likely many authors have given many definitions of economics. Some popular definitions are given below.

Definitions of Economics

Economics is an inquiry into the nature and causes of the wealth of nations. - Adam Smith

Economy is the art of making most of life. - George Bernard Shaw

Economics is the study of mankind in the ordinary business of life. - Alfred Marshall

Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses. - Lionel Robbins

The theory of economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking, which helps its possessor to draw correct conclusions. - John Maynard Keynes

Economics is the study of the use of scarce resources to satisfy unlimited human wants. - Richard Lipsey

But in modern times, we can find more realistic definitions of economics, which gives a broader view of how economics deal with several aspects.

Meaning of Economics

Human wants are unlimited. But the means that satisfy human wants are less. Here comes Economics. Economics is related to the production, distribution, and consumption of goods and services in such a way, that it can fulfill the wants and demands of humans. Thus, economics as a social science, studies how individuals, businesses...

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