"Economics is The Study of Mankind In The Ordinary Business of Life” Discuss

It is a part of Alfred Marshall’s Definition of Economics. The complete definition is given as:

“Economics is the study of Mankind in the ordinary business of life. It examines that part of individual and social action which is mostly connected with the attainment and with the use of the material requisites of well-being”.

Difference Between Wealth And Welfare In Economics

The basic purpose / aim of Economics is the welfare of human beings and not concentrate only on the wealth or on rich people but it deals with common man living in the society. Wealth can not be given preference over welfare. Yes, we attain wealth but we can not given primary importance rather than it is utilized for the welfare of the common person and the whole society. It attains only for the fulfillment of Needs and Wants. Therefore, we study wealth only for the welfare of a common man. So, Economics is a Social Science which examines that part of human beings which is helpful for the achievement of wealth and material requisites for the welfare of the individuals and whole society.

From the Marshall’s definition of Economics, we can analyze following points

1. As Economics is the study of human being, so the main purpose of acquiring the wealth is for the welfare of common person living in the society.

2. Economic is a Social Science which deals with the living persons who interact, exchange, communicate or influence with each other in order to get benefits for the welfare of the whole society.

3. The attainment of wealth is the secondary purpose of Social Economics as it is seek only for the welfare of the society and not for selfish people or rich people who acquire it only for wealth operating in a rich economy or Capital Economy.

So, according to this part, “Economics is the study of Mankind in the ordinary business life” according to Marshall’s Definition of Economics, we make state the meaning of this definition more clearly by saying that Economics is a social science in which acquisition of wealth is not only for the welfare of common person but also for the whole community living in the society.