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Category: Economic Theory

Robbins Definition Of Economics

Robbins Definition Of Economics

Introduction Of Robbins Robbins definition of Economics challenged Dr. Marshall 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 complete and faultless definition of economics. At that time people started thinking that the Economic Science has completely develop 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…

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Marshall Definition of Economics

Marshall Definition of Economics

Economics is a science of choice making. Introduction Of Marshall Marshall definition of Economics was first to challenge Adam Smith definition. Dr. Alfred Marshall (Born. 26 July, 1842, Died 13 July 1924) was the first Economist, who denied the wealth related definitions of Adam Smith, which was in vogue for a long time, in his two books published in 1890 named Principles of Economics and Economics of Industry, and declared them wrong, and defined it as not the study of…

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Keynesian Theory of Employment

Keynesian Theory of Employment

Introduction to Keynesian Theory of Employment Keynesian Theory was given by Keynes when in his volume “General Theory of Employment, Interest and Money” had not only criticized the Classical Theory of Employment, but had also analyzed those factors that affect the employment and production level of an economy. Most of the modern economists agree with the concept of Keynes. The Keynesian Theory of Employment is a produce of the world-wide depression of 1931-36. Due to this depression, unemployment spread in…

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