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Comparison Between The Definition Of Wealth or Economics

Comparison Between The Definition Of Wealth or Economics

Similarities Between The Definition Of Marshall And Robbins

The following similarities are found in the definitions Of Prof Marshall and Prof Robbins

  1. Prof. Marshall used the word ‘wealth’, in his definition, whereas; Prof. Robbins has related Economics with ‘limited means’ (or scarcity). Therefore, there is similarity in the views of both because wealth is that object or service, whose supply is limited. Thus, Prof. Robbins limited resource (scarcity) statement, is another form of money.
  2. Both the intellectuals consider Economics as a science. In this way, there is similarity in the views of Marshall and Robbins on this matter.
  3. According to Prof Robbins, the utilization of resources must be done economically, so that production or satisfaction becomes maximum. Marshall has expressed the same view, as ‘material welfare’ or ‘human welfare’.
  4. The ancient Economists had considered Economics as the Science of Wealth, which was interpreted as man is for money, instead of that money is for man. In this manner, the main subject matter of Economics was considered, as wealth and not man. Marshall used the word ‘Mankind’ and Robbins used words like ‘Human Behavior’, clearly stated that in Economics, man has an important place instead of wealth.

Differences Between The Definition Of Marshall And Robbins

The definitions of Prof. Marshall and Prof. Robbins have the following dissimilarities

  1. Marshall definition is simple and an. ordinary person. can easily understand it. From this point of view, it is practical, but Robbins definition is so much theoretical, that is why, it is very difficult and beyond the understanding power of ordinary people.
  2. According to Prof. Marshall, Economics has a close relation with ‘Human Welfare’, whereas; according to Robbins, Economics is not related to any ‘Welfare’ or ‘Non-welfare’.
  3. Marshall presented Economics in the form of both a science and an art, but Robbins accepted it only in the form of a real science.
  4. Marshall has considered Economics as a ‘social science’. According to him, it studies only the activities of social, normal and real persons, whereas; according to Robbins, it studies the both socialistic and sole (aloof), in this way, it is a human science.
  5. Marshall has said that Economics studies only those activities, which are related to wealth and which can be measured in money, whereas; Robbins has said that Economics also studies those activities, which have no relation which money, like – the study of activities related to ‘scarce resources’.

Which Definition is Superior?

It is difficult to say which definition between Marshall’s and Robbins is superior. Actually both definitions are complementary to each other. Marshall’s definition is easier having a practical view, whereas; Robbins definition has theoretical view point. Both Economists have seen the same thing, from different angles. In Marshall’s view, wealth is in the form of prime means, whereas; Prof. Robbins has taken in his views, ‘scarce resources’, instead of ‘wealth’. From theoretical point of view, if, Robbins definition is superior, while from practical point of view, Marshall’s definition is superior.

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