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  Lionel Robbins definition

Lionel Robbins’ definition (Scarcity Definition:

Lionel Robbins has stated economics as shown below:

“Economics is the science that studies person’s behavior as a relationship among ends and scarce means that have alternative uses”.

Robbins has specified the above statement in his book “An Essay on the Nature and importance of Economic Science”.

The statement of Robbins is based on the basic assumptions shown below:

1. Ends are different. The word “ends” mean wants. Human wants are limitless.

2. Means are restricted. Means such as time, money and resources are restricted.

3. We can put time and money for different uses. For illustration, though time is restricted, we can employ it for various purposes. We can utilize time for earning money or we might enjoy it as leisure, and

4. All needs are not of equal significance.

We have to note some things here. The fact that we have many needs that is not of interest to an economist by itself. For illustration if you want to do two things and you have sufficient time and means with which to do them, and you do not wish for the time or means for anything else, then you require not economize everything. Though your means are limited, when they do not have substitute uses, you cannot economize anything. Further, if all needs are of equivalent importance, you can’t economize anything. We know time is very limited. There are only 24 hours in a day. When a worker wants only money he has to work for long hours and forgo spare time. When he wants leisure, he has to forgo his income. He can’t have both at similar time.

We might, however, note that all means that satisfy human wants are not restricted. For illustration, air and sunshine are accessible in abundance. They are free goods. However many things we want are scarce in association to our wants. Therefore economics studies human behavior as a relationship among unlimited wants and scarce means. Since means are limited, we have to pay a price for them. We study in economics how the prices of limited goods are determined. We have to select among various wants. That is why we say that scarcity and selection are central problems in economics. Economics is the science of selection.

Choice among alternatives is the fundamental principle underlying all economic activity. This is appropriate to all economic systems –socialism, capitalism, and diverse economy.
 
The capitalist economy is also identified as market economy. There, the consumer will have a broader choice than in a socialist economy that is also termed as command economy. A socialist economy is a planned economy. Since all basic decisions are taken by the government, the consumer will have restricted choice. And we have mixed economy. Lionel Robbins’ definition is also termed as scarcity statement of economics.

 

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