States the Welfare Definition in economics
States the Welfare Definition in economics?
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This was Alfred Marshall who rescued the economics by the above criticisms. Through his classic work in the year 1890 he published “Principles of Economics” and moved the emphasis by wealth to human welfare.
By his point of view, wealth is simply a means to a finish in all activities, the end being human welfare. Then he adds, that economics as “is on the one side a study of the wealth; and another and more significant side, a part of the study of man”. He gave primary significance to man and secondary significance to wealth. Professor A C Pigou was as well holding Marshall’s view. Such definition demonstrated the scope of economics and rescued economics by the grip of being termed as “Dismal science”, however, this definition as well criticized on the grounds such that welfare can’t be measured correctly and this was avoided the valuable services as teachers, lawyers and singers etc as non-material welfare.
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