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Economics Come from Greek Word Oikonomia =“House Hold”

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Economics Come from Greek Word Oikonomia =“House Hold” Some Basic Definitions : Economics come from Greek word Oikonomia =“House Hold” Economics :It is the social science that analyses the production, distribution and consumption of goods and services . The study of how we work together to transform scarce resources into goods and services to satisfy the most pressing of our infinite wants and how we distribute these goods and services among ourselves. www.classmateacademy.com 1 Definition and Scope : Many Definitions For Simplicity the various definitions may be classified as follows : • Science of wealth • Science of dynamic well being • Science of choice making • Science of Growth and Development www.classmateacademy.com 2 1)Science of wealth : Classical Definition • Adam Smith “ The nature and cause of wealth of nations “ An enquiry in to the nature and causes of wealth of nations . Acc to the definition Economics deals with acquisition, accumulation, expenditure of wealth. • J.B Say “ Science which deals with wealth”. Merits of Definition : Merits of Definition : • Stress on wealth : This is a challenge • Stress on wealth : This is a challenge any nation has to inevitably answer. any nation has to inevitably answer. • Addressing Problems of Economic • Addressing Problems of Economic Growth :Creation of wealth is Growth :Creation of wealth is inextricably linked to growth which inextricably linked to growth which leads to solving the problems of leads to solving the problems of Poverty and unemployment. Poverty and unemployment. • Focus on Important Economics • Focus on Important Economics issues : Like Production, Distribution issues : Like Production, Distribution and Exchange of Wealth www.classmateacademy.comand Exchange of Wealth 3 2) Science of dynamic well being : Neo-Classical Definition • Alfred Marshall“ wealth to welfare “ Economics is the study of mankind in ordinary business of life .It examines that part of individual and social action which is most closely connected with the use of material requisites of well being .Thus on the one side it si study of wealth and more important side study of part of man. • Deals with business of life but more emphasis given to Man,still emphasising materials like food ,cloth, housing etc(economics activites ). • A.C Pigou The range of our enquiry becomes restricted to that part of social welfare that can be brought directly or indirectly into relation with the measuring rod of money. Welfare but that which can measured by money, Money helps to quantify in economics(dealswww.classmateacademy.com with purchasing power) 4 De-Merits of Definition : • Neglect of Immaterial things : Too much stress on material things and neglect of immaterial things like Teachers, Doctors, Singers etc. • Vague Definition of Welfare :Robins fins that the definition of welfare is very vague. It is Difficult to say which will lead to welfare and which will not. Economics is concerned with all goods and services which carry a price whether they promote welfare or not. www.classmateacademy.com 5 3)Science of Choice Making : • Lionel Robins(1931) “ Nature and significance of Economics “ Economics studies problems which arise because of scarcity of resources Economics is the science which studies human behaviour as relationship between ends and scare means which have alternative uses. Conclusion from Definition : • Economics is a science : Studies Human behaviour scientifically ,with in the constraints how humans try to maximize gains . • Unlimited Ends : The Human wants are never satisfied ,new wants always come up. Had ends being limited there would not have been a problem. • Scarce Resources :The resources are also limited that is another problem. • Alternative uses: Every resource has many uses hence a choice is needed. Robins is interested in study of anything which satisfies Human wants good/bad(no material/non-material division or welfare/non-welfare division) www.classmateacademy.com 6 De-Merits of Definition : • Impersonal and colourless : By making it a positive science and excluding normative aspects he has reduced its scope. Made it Impersonal and colourless. • Ignored macroeconomic aspects : He ignored macro economic aspects like National Income and employment . • No Focus on Growth and Development : He takes resources as given but neglects about how to raise the resources like savings etc . • Problem of abundance : Some times abundance of resources can also be a problem ,like in many developing countries excess problem is a concern. www.classmateacademy.com 7 4)Science of Dynamic growth and development : Scarcity cannot be ruled out but it would be incorrect to think that resources cannot be increased by human ingenuity, exploration, exploitation and development . • Paul A Samuelson “ Economics is the study of how men and society choose, with or without use of money to employ scarce productive resources which could have alternative uses ,to produce various commodities over time and distribute them for consumption now and in future among various groups of society “ • Material wellbeing, Welfare ,Growth over time • Henry Smith The study of how in a civilized society one obtains the share of other people have produced and of how the total product of the society changes and is determined. • Civilized society means existence of Legal and Administrative Institutions. • JacobWeiner “Economics is what Economists do “ www.classmateacademy.com 8 Micro Economics : Prof .Boulding ,Definition: Micro economics is the study of particular firms, particular households ,individual price, wage, income, individual industries and particular commodities • Which examines the behaviour of firm, consumers and the role of government. Areas of Study : • Product pricing • Consumer behaviour • Factor pricing • Economic conditions of section of people • Study of firms • Location of a industry www.classmateacademy.com 9 Macro Economics : Mac Conel ,Definition :“Macroeconomics examines the forest and not the trees. Thus it analyses and establishes a functional relationship between large aggregates • Which deals with Inflation, unemployment, Industrial production and the role of government Areas of Study : • National income and output • General price level • Balance of trade and payments • External value of money • Saving and investment • Employment and growth. www.classmateacademy.com 10 www.classmateacademy.com 11 Nature Of Economics : • Whether it is a Science or an Art • Whether it is a Positive science or Normative science. Economics as science : Science is a systematized body of knowledge about a particular branch of universe .A subject is considered science if • systematized body of knowledge which studies the relation between cause and effect. • It is capable of measurement • It has its own methodological apparatus and has the ability to forecast. www.classmateacademy.com 12 Economics is not a perfect science : • Economists do have uniform opinion about a particular event. • The subject matter of economics is Human behavior which is highly unpredictable. • Money which is used as a measure in economics is it self a dependent variable. • It is not possible to make correct predictions about economic variables. www.classmateacademy.com 13 Economics as Art : • J.M Keynes said “An Art is a system of rules for the attainment of a given end”. • Art is practice of knowledge • Science teaches us to know ,Art teaches us to do . • Science is theoretical ,Art is practical. • It is science in methodology and art in application. Eg : Study of Unemployment is Science, But framing suitable polices for its removal is art. Cossa “ Science requires art ,Art requires Science both being complementary to each other. www.classmateacademy.com 14 Economics as Positive Science and Normative Science : Positive science : Economics is a science .A Positive science analyses cause and effect relationship between variables but does not pass value judgement . • Robbins emphasized the positive nature of science . So individual with limited money may buy liquor over milk. A Society with limited resources may produce Guns over Food. No criticism ,just generalization • Marshall & Pogu emphasized the normative talked about ethical aspects which are normative. Normative science : Its prescriptive and describes what the things should be like . Indirect Tax should be less than direct Tax. www.classmateacademy.com 15 There are two methods of study for deriving generalization or laws Deductive Method : Also called as analytical ,abstract or a priori method . The Logic Proceeds from General to Particular • The following steps are followed here : • Perception of problem • Defining the technical terms & making appropriate assumptions • Deducing hypothesis • Testing of Hypothesis . Eg : Relation ship between price and demand. Conclusions are not always valid ,they may be unture ,Universal validity of such generalization not very correct . www.classmateacademy.com 16 Inductive Method : Conclusions are based on collection of facts and analysis of data relevant to enquiry. The logic in this case proceeds from particular to general . The following steps are followed here : • Perception of problem • Collection Classification and analysis of data by using statistical principles . • Finding out the reasons for results and set rules for verification of principles Eg: Nature of Consumption showing relation ship between income and consumption. This method is used more • As Statistical rigour brings precision. • But problems with this method are inability to take into consideration all causal factors, quantification problem
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