Dr. J.

N Keynes was not for wrong when he said that Political Economy is said to have strangled itself with definitions. Economists like Pareto, Myrdal and Hutchinson think that any search for a precise definition of Economics is a barren enterprise Pareto thinks it a waste of time to investigate that what economic phenomenon may be

Myrdal Economics is the only term regarding the precise definition of which economists need not to be concerned Hutchinson The actual assignment of a definition to the word Economics does not appear to solve or even help in the solution of any useful scientific problem whatsoever that is why it is said needless to waste words in defining economics it will be an exercise in futility.

Adam Smith (Father of economics) Economics was concerned with An enquiry into the nature and causes of wealth of nations. J.E Cairnes Economics deals with the phenomenon of wealth. J.B Says Economics is science which treats of wealth. F.A Walker Economics is that body which relates to the wealth.

Marshal Political economy or economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well being. Beveridge Economics is the study of the general methods by which men cooperates to meet their material needs

Cannan The aim of political economy is the explanation of the general causes on which the material welfare of human beings depends. Pigou the range of our inquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money

Economics does not regard wealth as the beall end-all of economic activities. Wealth is sought for promoting human welfare. Hence, wealth is relegated to the secondary position. Economics is not concerned with what is called in Economics economic man i.e a man whose only motive is to acquire wealth for its own sake and who is not influenced by human consideration in the pursuit of wealth. Rather economics deals with ordinary men and women who are swayed by love, affection and fellow feelings and not merely motivated by the desire to get maximum monitory advantage.

Economics is social science and not one which studies isolated individuals or Robinsons Crusoe we study persons living in society influencing other people and being influenced. Economics studies only material requisites of well being or causes of material welfare. It has thus a materialistic aspect and ignores nonmaterial aspects

Narrows down the scope of economics: It only speaks of material welfare and ignores immaterial items. Relation between economics and welfare: According to Robins there are many things which does not promote welfare but are regarded as economic activities. i.e manufacturing and sale of alcohol goods etc.

Welfare is vague concept: Manufacturing of guns, tanks, and other war heads the production of opium, liquor etc are not conducive to welfare but these are all economic activities. Impractical: The definition of welfare is of theoretical nature. It is complex to divide mans activities into material and non material.

ECONOMICS IS THE SCIENCE WHICH STUDIES HUMAN BEHAVIOUR AS A RELATIONSHIP BETWEEN ENDS AND SCARCE MEANS WHICH HAVE ALTERNATIVE USES