Principle of economics

It is necessary to define the subject which we want to study. definition of a subject facilitates the understanding of its meaning, nature, characteristics, and limitations. Therefore. it is necessary to begin the study of economics with its definition.but it is difficult the economists are divided on the question of the definition of economics, “Political economy is said to have been strangled itself with definitions.

Available definitions of economics can be divided into four parts.

  • Wealth definitions
  • Welfare definitions
  • Scarcity definitions
  • Growth definitions

Wealth Economics

“Political Economy is a study of the nature and causes of the Wealth of nations”

Welfare Economics

“Economics is a study of mankind in the ordinary business of life. It examines that part of social action is closely connected with the attainment and with the use of material requisites of well being.”

Scarcity Economics

“Economics is a science which studies human behavior as a relationship ends and score means which have alternative uses”

Growth Economics

“Economics is the study of having man and society choose, with or without the use of money, to employ scares productive resources which could have alternative uses, to produce various commodities over time and distribute them for consuming now and in the future among various people and groups of society .”

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