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  Alfred Marshall’s Definition

Alfred Marshall’s Definition (Welfare Definition):

Alfred Marshall (1842-1924) wrote a book Principles of Economics in the year 1890. In it, he stated economics as “a study of humanity in the ordinary business of life”. An altered form of this statement is: “Economics is a study of man’s actions in the normal business of life”.

Marshall agrees that economics studies concerning wealth. However he does not accept the view that economics studies concerning wealth only. In words of Marshall, “Economics is the one side study of wealth, and the other and more significant side, a portion of the study of man. Man is in te middle of his study. According to him, study of human is more significant than the study of wealth.

In economics, we don’t study about all aspects of humanity. As Cairncross places it, economics studies concerning man as “buyer & seller, saver & investor, producer & consumer, employer and worker”. It studies about how people obtain their income, how they employ it and how they make best utilization of their resources.

Economics studies how citizens try “to raise the material means of welfare”.

According to this statement, we might say that economics is the study of the causes of material wellbeing.

Marshall’s definition is recognized as material welfare statement of economics since of its emphasis on welfare.

 

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