Comparison Between Marshall’s and Robbin’s Definitions of Economics

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EconomicsNotes | Commerce
Comparison Between Marshall’s and Robbin’s Definitions of Economics
For: Class: 11 Management

According to Marshall, economics is a science of material welfare. His definition has focus on the role of mankind as well as wealth in economic life. But Robbins’s definition considered economics as a study of scarcity and choice. A comparative study of both definitions is made on the basis of their similarities and differences.

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Similarities
Similarities between Robbins’s & Marshall’s definition can be shown in the following points.

1. Primary importance to man
Both Marshall and Robbins have given primary importance to man. According to Marshall, economics studies man in relation to wealth. Robbins definition studies human behavior as a relationship between end and scare means which have alternative uses. The ultimate aim of the two definitions is the same about the study of human beings.

2. Wealth and scare means
Marshall has used the word wealth in the process of defining economics. Robbins has used the phrase scare means instead of wealth. Though they are not same, but similar because in economics, wealth is goods which are scare. So, Marshall has directly explained about wealth and Robbins has indirectly explained about wealth.

3. Welfare and satisfaction.
Marshall assume that main aims to utilize wealth to achieve maximum material welfare, where as Robbins maximum material welfare, whereas Robbins assume that main aims to utilize scare resources to achieve maximum satisfaction. In reality, there is no wider difference between welfare and satisfaction. Thus the definitions of both are similar.

Dissimilarities
Some dissimilarities between Robbins and Marshall’s definition are as follows:

Marshall’s definitionRobbins’s definition
1. Marshall’s definition is simple and fair.1. This definition is complex.
2. This definition is classificatory as material & non-material, economic & non-economic activities.2. This definition is analytical based on basic economical problems.
3. The objective of this definition is material welfare.3. This definition is neutral about the objective.
4. This definition considers economics as asocial science.4. This definition considers economics as a human science.
5. Marshall’s definition is based on normative science.5. Robbins’s definition is based on the concept of positive science.
6. Economics is related with ordinary man.6. Economics is related with both ordinary and extra ordinary man.

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2 Comments

  1. arpana bordoloi
    Posted September 2, 2016 at 8:11 pm

    Vry easy to the defination ….

  2. judang sendang
    Posted March 21, 2017 at 10:45 pm

    i don’t know about other peoples but it very help full for me keep on going wish u a best of luck guys

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