{"id":958,"date":"2025-04-06T14:48:19","date_gmt":"2025-04-06T14:48:19","guid":{"rendered":"https:\/\/topperpoint.com\/?p=958"},"modified":"2025-04-06T14:48:19","modified_gmt":"2025-04-06T14:48:19","slug":"economics","status":"publish","type":"post","link":"https:\/\/www.reilsolar.com\/ebook\/economics\/","title":{"rendered":"DEFINITIONS OF ECONOMICS"},"content":{"rendered":"

The beginning of the definition of economics is considered to be from Adam Smith<\/strong> book ‘An Inquiry into the Nature and Causes of Wealth of Nations<\/strong>‘ (1776). But we should not understand that the form of economics that came before us in 1776 is only the result of the efforts of Adam Smith. Much had been written about economic activities even before Adam Smith. Yes, Adam Smith gave a systematic and scientific form to economics. That is why he is called the father of economics.<\/p>\n

\u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0915\u0940 \u0936\u0941\u0930\u0941\u0906\u0924 \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0915\u0940 \u0915\u093f\u0924\u093e\u092c ‘\u090f\u0928 \u0907\u0902\u0915\u094d\u0935\u093e\u092f\u0930\u0940 \u0907\u0928 \u0926 \u0928\u0947\u091a\u0930 \u090f\u0902\u0921 \u0915\u0949\u091c \u0911\u092b \u0935\u0947\u0932\u094d\u0925 \u0911\u092b \u0928\u0947\u0936\u0902\u0938’ (1776) \u0938\u0947 \u092e\u093e\u0928\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u0932\u0947\u0915\u093f\u0928 \u0939\u092e\u0947\u0902 \u092f\u0939 \u0928\u0939\u0940\u0902 \u0938\u092e\u091d\u0928\u093e \u091a\u093e\u0939\u093f\u090f \u0915\u093f 1776 \u092e\u0947\u0902 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u093e \u091c\u094b \u0930\u0942\u092a \u0939\u092e\u093e\u0930\u0947 \u0938\u093e\u092e\u0928\u0947 \u0906\u092f\u093e \u0935\u0939 \u0915\u0947\u0935\u0932 \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0915\u0947 \u092a\u094d\u0930\u092f\u093e\u0938\u094b\u0902 \u0915\u093e \u092a\u0930\u093f\u0923\u093e\u092e \u0939\u0948\u0964 \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0938\u0947 \u092a\u0939\u0932\u0947 \u092d\u0940 \u0906\u0930\u094d\u0925\u093f\u0915 \u0917\u0924\u093f\u0935\u093f\u0927\u093f\u092f\u094b\u0902 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u092c\u0939\u0941\u0924 \u0915\u0941\u091b \u0932\u093f\u0916\u093e \u091c\u093e \u091a\u0941\u0915\u093e \u0925\u093e\u0964 \u0939\u093e\u0901, \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0928\u0947 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u094b \u090f\u0915 \u0935\u094d\u092f\u0935\u0938\u094d\u0925\u093f\u0924 \u0914\u0930 \u0935\u0948\u091c\u094d\u091e\u093e\u0928\u093f\u0915 \u0930\u0942\u092a \u0926\u093f\u092f\u093e\u0964 \u0907\u0938\u0932\u093f\u090f \u0909\u0928\u094d\u0939\u0947\u0902 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u093e \u091c\u0928\u0915 \u0915\u0939\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964<\/p>\n

CLASSIFICATION OF DEFINITION OF ECONOMICS<\/strong><\/span><\/h3>\n

The classification of the definition of economics is as follows<\/p>\n

1. Money Definitions :<\/strong><\/span> (Adam Smith, J.B.S., J.S. Mill, etc.)<\/p>\n

2. Welfare Definitions :<\/strong><\/span> (Marshal, Pigu, Cannon, etc.)<\/p>\n

3. Definition of Rarity :<\/strong><\/span> (Prof. Robins)<\/p>\n

4. Definition of Deletion of Desire :<\/strong> (Prof. J.K. Mehta)<\/p>\n

5. Developmental Definition :<\/strong> (Samuelson)<\/p>\n

\u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0915\u093e \u0935\u0930\u094d\u0917\u0940\u0915\u0930\u0923<\/strong><\/p>\n

\u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0915\u093e \u0935\u0930\u094d\u0917\u0940\u0915\u0930\u0923 \u0907\u0938 \u092a\u094d\u0930\u0915\u093e\u0930 \u0939\u0948<\/p>\n

1. \u0927\u0928 \u092a\u0930\u093f\u092d\u093e\u0937\u093e\u090f\u0901: (\u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925, \u091c\u0947.\u092c\u0940.\u090f\u0938., \u091c\u0947.\u090f\u0938. \u092e\u093f\u0932, \u0906\u0926\u093f)<\/p>\n

2. \u0915\u0932\u094d\u092f\u093e\u0923 \u092a\u0930\u093f\u092d\u093e\u0937\u093e\u090f\u0901: (\u092e\u093e\u0930\u094d\u0936\u0932, \u092a\u093f\u0917\u0942, \u0924\u094b\u092a, \u0906\u0926\u093f)<\/p>\n

3. \u0926\u0941\u0930\u094d\u0932\u092d\u0924\u093e \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e : (\u092a\u094d\u0930\u094b. \u0930\u0949\u092c\u093f\u0928\u094d\u0938)<\/p>\n

4. \u0921\u093f\u091c\u093e\u092f\u0930 \u0911\u092b \u0921\u093f\u091c\u093e\u092f\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e : (\u092a\u094d\u0930\u094b. \u091c\u0947.\u0915\u0947. \u092e\u0947\u0939\u0924\u093e)<\/p>\n

5. \u0935\u093f\u0915\u093e\u0938\u093e\u0924\u094d\u092e\u0915 \u092a\u0930\u093f\u092d\u093e\u0937\u093e : (\u0938\u0948\u092e\u0941\u0905\u0932\u0938\u0928)<\/p>\n

WEALTH DEFINITIONS<\/h2>\n

Money definitions and their interpretations<\/strong><\/p>\n

Economists in this group defined economics as the ‘science of wealth’. Adam Smith (Adam Smith) named the first book of economics ‘The Pursuit of The Nature and Causes of Nation’s Wealth’ ‘An Enquiry into the Nature and Causes of Wealth of Nations<\/strong>‘. This title of his book is a definition of economics in itself. Adam Smith’s definition of economics can be expressed in the words: “Economics is the study that examines the nature of nations’ wealth and its causes. We can also express the essence of the definition of economics given by Adam Smith in the words “Economics is the science of wealth<\/strong>” (“Economics is the Science of Wealth<\/strong>“).” Thus, it is clear from Smith’s statement that the duty of economics and economists is to explain the measures that can increase wealth in the society.<\/p>\n

\u0907\u0938 \u0938\u092e\u0942\u0939 \u0915\u0947 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930\u093f\u092f\u094b\u0902 \u0928\u0947 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u094b ‘\u0927\u0928 \u0915\u0947 \u0935\u093f\u091c\u094d\u091e\u093e\u0928’ \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092a\u0930\u093f\u092d\u093e\u0937\u093f\u0924 \u0915\u093f\u092f\u093e\u0964 \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 (\u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925) \u0928\u0947 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0939\u0932\u0940 \u092a\u0941\u0938\u094d\u0924\u0915 \u0915\u093e \u0928\u093e\u092e ‘\u0926 \u092a\u0930\u0938\u094d\u092f\u0942\u091f \u0911\u092b \u0926 \u0928\u0947\u091a\u0930 \u090f\u0902\u0921 \u0915\u0949\u091c \u0911\u092b \u0928\u0947\u0936\u0928\u094d\u0938 \u0935\u0947\u0932\u094d\u0925’ ‘\u090f\u0928 \u0907\u0902\u0915\u094d\u0935\u093e\u092f\u0930\u0940 \u0907\u0928 \u0926 \u0928\u0947\u091a\u0930 \u090f\u0902\u0921 \u0915\u0949\u091c \u0911\u092b \u0935\u0947\u0932\u094d\u0925 \u0911\u092b \u0928\u0947\u0936\u0902\u0938’ \u0930\u0916\u093e\u0964 \u0909\u0928\u0915\u0940 \u092a\u0941\u0938\u094d\u0924\u0915 \u0915\u093e \u092f\u0939 \u0936\u0940\u0930\u094d\u0937\u0915 \u0905\u092a\u0928\u0947 \u0906\u092a \u092e\u0947\u0902 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u090f\u0915 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0939\u0948\u0964 \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0915\u0940 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0915\u094b \u0936\u092c\u094d\u0926\u094b\u0902 \u092e\u0947\u0902 \u0935\u094d\u092f\u0915\u094d\u0924 \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0924\u093e \u0939\u0948: “\u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0935\u0939 \u0905\u0927\u094d\u092f\u092f\u0928 \u0939\u0948 \u091c\u094b \u0930\u093e\u0937\u094d\u091f\u094d\u0930\u094b\u0902 \u0915\u0947 \u0927\u0928 \u0915\u0940 \u092a\u094d\u0930\u0915\u0943\u0924\u093f \u0914\u0930 \u0909\u0938\u0915\u0947 \u0915\u093e\u0930\u0923\u094b\u0902 \u0915\u0940 \u091c\u093e\u0902\u091a \u0915\u0930\u0924\u093e \u0939\u0948\u0964 \u0939\u092e \u090f\u0921\u092e \u0938\u094d\u092e\u093f\u0925 \u0926\u094d\u0935\u093e\u0930\u093e \u0926\u0940 \u0917\u0908 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0915\u0940 \u092a\u0930\u093f\u092d\u093e\u0937\u093e \u0915\u093e \u0938\u093e\u0930 \u092d\u0940 \u0936\u092c\u094d\u0926\u094b\u0902 \u092e\u0947\u0902 \u0935\u094d\u092f\u0915\u094d\u0924 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902” \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0939\u0948 \u0927\u0928 \u0915\u093e \u0935\u093f\u091c\u094d\u091e\u093e\u0928” (“\u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0927\u0928 \u0915\u093e \u0935\u093f\u091c\u094d\u091e\u093e\u0928 \u0939\u0948”)\u0964” \u0907\u0938 \u092a\u094d\u0930\u0915\u093e\u0930 \u0938\u094d\u092e\u093f\u0925 \u0915\u0947 \u0915\u0925\u0928 \u0938\u0947 \u0938\u094d\u092a\u0937\u094d\u091f \u0939\u0948 \u0915\u093f \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930 \u0914\u0930 \u0905\u0930\u094d\u0925\u0936\u093e\u0938\u094d\u0924\u094d\u0930\u093f\u092f\u094b\u0902 \u0915\u093e \u0915\u0930\u094d\u0924\u0935\u094d\u092f \u0909\u0928 \u0909\u092a\u093e\u092f\u094b\u0902 \u0915\u0940 \u0935\u094d\u092f\u093e\u0916\u094d\u092f\u093e \u0915\u0930\u0928\u093e \u0939\u0948 \u091c\u093f\u0928\u0938\u0947 \u0938\u092e\u093e\u091c \u092e\u0947\u0902 \u0927\u0928 \u0915\u0940 \u0935\u0943\u0926\u094d\u0927\u093f \u0939\u094b \u0938\u0915\u0924\u0940 \u0939\u0948\u0964<\/p>\n

Here are the main definitions of Economics<\/strong> as given by various well-known economists, categorized by different schools of thought:<\/p>\n

1. Classical Definition (Wealth-Oriented)<\/strong><\/h3>\n

By: Adam Smith (1776)<\/strong><\/p>\n

\n

\u201cEconomics is an inquiry into the nature and causes of the wealth of nations.\u201d<\/p>\n<\/blockquote>\n

\u00a0Focus: Production and accumulation of wealth<\/strong>
\u00a0Nickname: Father of Economics
\u00a0Book: “An Inquiry into the Nature and Causes of the Wealth of Nations”<\/em><\/p>\n

Criticism:<\/strong> Too narrow, ignores welfare and human aspects.<\/p>\n

2. Welfare Definition<\/strong><\/h3>\n

By: Alfred Marshall (1890)<\/strong><\/p>\n

\n

\u201cEconomics 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 use of material requisites of well-being.\u201d<\/p>\n<\/blockquote>\n

\u00a0Focus: Human welfare<\/strong> and material well-being
\u00a0Book: Principles of Economics<\/em><\/p>\n

Criticism:<\/strong> Focuses only on material welfare, ignores non-material and scarce resources.<\/p>\n

3. Scarcity Definition<\/strong><\/h3>\n

By: Lionel Robbins (1932)<\/strong><\/p>\n

\n

\u201cEconomics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.\u201d<\/p>\n<\/blockquote>\n

\u00a0Focus: Scarcity<\/strong> and choice
\u00a0Universal applicability (includes all human activities)<\/p>\n

Criticism:<\/strong> Ignores welfare and moral values.<\/p>\n

4. Growth-Oriented Definition<\/strong><\/h3>\n

By: Paul A. Samuelson (Modern Economics)<\/strong><\/p>\n

\n

\u201cEconomics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities over time and distribute them for consumption.\u201d<\/p>\n<\/blockquote>\n

\u00a0Focus: Economic growth<\/strong>, efficiency, and resource allocation over time
\u00a0Combines scarcity + welfare + growth<\/p>\n

In Simple Words:<\/strong><\/h3>\n
\n

Economics is the study of how individuals, businesses, and governments make choices on allocating resources to satisfy their needs and wants.<\/p>\n<\/blockquote>\n

Two Main Branches of Economics:<\/strong><\/h3>\n
\n\n\n\n\n\n\n
Branch<\/th>\nDescription<\/th>\n<\/tr>\n<\/thead>\n
Microeconomics<\/strong><\/td>\nStudy of individual units (consumers, firms)<\/td>\n<\/tr>\n
Macroeconomics<\/strong><\/td>\nStudy of the economy as a whole (GDP, inflation)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

If you want a PDF format<\/strong> of this or visual summary for revision<\/strong>, I can create that too! Let me know<\/p>\n

FUNDAMENTALS OF ECONOMICS AND MANAGEMENT<\/a><\/h3>\n

DEFINITIONS OF ECONOMICS<\/a><\/h3>\n

Definition of Economics<\/a><\/h3>\n

EC-101 Economics.pdf<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

The beginning of the definition of economics is considered to be from Adam Smith book ‘An Inquiry into the Nature and Causes of Wealth of Nations‘ (1776). But we should not understand that the form of economics that came before us in 1776 is only the result of the efforts of Adam Smith. Much had […]<\/p>\n","protected":false},"author":12,"featured_media":962,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics"],"_links":{"self":[{"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/posts\/958","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/comments?post=958"}],"version-history":[{"count":0,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/posts\/958\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/media\/962"}],"wp:attachment":[{"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/media?parent=958"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/categories?post=958"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.reilsolar.com\/ebook\/wp-json\/wp\/v2\/tags?post=958"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}