Introduction Of Robbins
Robbins definition of Economics challenged Dr. Marshall’s definition of Economics which was a major improvement over the definition of Adam Smith and other ancient Economists. Before Prof. Lionel Robbins, Prof. Marshall tried to give a complete and faultless definition of economics. At that time people started thinking that the Economic Science has completely developed and matured. But in 1932, after the publication of Prof. Robbins’s book An Essay on the Nature and Significance of Social Science, a controversy roused in the field of Economics. He tried to give economics another shape, apart from material welfare. In the words of Robbins
Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.
Characteristics Of Robbins Definition
Following are the main characteristics of Robbins’ definition
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Unlimited Wants
According to Prof Robbins definition, human wants are unlimited. On satisfaction of one wants, another want arises immediately, and this sequence continues forever.
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Scarce Means
Robbin’s definition stated that on one side human needs are unlimited yet on the other side, the means to satisfy these wants, like- time, power, money, etc. are also limited. Due to this, many of man’s needs remain unsatisfied.
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Alternative Use of Scarce Means
In Robbins’s view though the to ‘satisfy man’s needs are scarce, yet he has alternative uses. In other words, he can use every resource in various objectives and activities. For example – such a resource like land can be use in many ways, such as it can be used for agriculture or for building a house or to establish a factory etc.
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Variation in the Intensity of wants
Robbins definition states that the intensity of man’s needs is different. Some wants are more intense than the others. Since our means are limited and all wants cannot be satisfied with the limited means; as a result, we have to select some more intense wants from our unlimited wants and the less intense wants have to be either dropped or postponed to a future date.
Mohammad Sadique well done for a wonderful write up,however you need to check your definition. You had omitted “Relationship”.
Thanks for pointing out the error. We have updated the definition.
Thanks bro
Thanks for a good explanations
yes its good and clearly defined
Robins definition is also called as _______
Nice definition well done.. you guys are awesome
thank you for the definition of economics
Thanks very much for the definition of economic