What Is Economic

     The subject economic has its own origin from the Greek word "OILKLNOMIESS" meaning household management. Economic has been define by various economist

ADAMS SMITH (1776): - he define economist as an esquire into the nature and causes of wealth into the nation. In the same year he propounded the theory of division of labor.

JEAN BAPTIST SAY (J.B.SAY 1830): - He define economic as a law which governs wealth

JOHN STUART MILL (J.S.MILL 1884): - He defines economic as a practical science of production and the distribution of wealth.

ALFRED MARSHALL (1890): - he defines economic as the study of mankind in the ordinary business of life.

AC PIGOU-PARETO (1920): - He defines economics as the component of social welfare which can be measured with the provision of money.

PROF LIONEL ROBBINS (1932): - He defines economic as a social science which studied human behavior a relationship between ends and scarce means which have alternative uses.

Therefore Prof Lionel Robbins needs further explanation as it covers major aspect of economy such as science, ends, scarce means, and alternative uses

HIGHLIGHT OF PROF LIONEL ROBBINS DEFINITIONS

  SCIENCE: - Economics is a science which study human behavior and makes it a social science because it deals with the activities of man. It is described as a science because it uses scientific method to describe, explain, and observe phenomenon and to predict future event.

  ENDS: - This refer to desire or need it refer to human want which are unlimited

  SCARCE: - This refer to the limited available resource used to certify numerous want, it can also be refer to the limited in relative demand.

  MEANS: - This refers to the resources used to certify human want.

  ALTERNATIVE: -this means that the scarcity can be used in different purpose.

H. J. Davenport (1960): - He defines economic as a science that treat phenomenon from the stamp point of price.

PROF RICHARD LIPSERY (1989): - He defined economic as the allocation if study resources among alternative uses and the distribution of society among alternative uses and the distribution of society output among individual and at a point of time.

M.L. JHINGAN: - As a social science consider with a proper use and allocation of scarce resources for their achievement and maintenance of growth and stability.

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Ditulis oleh: Fedrick Theo - Monday, 3 June 2013