"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 ca n 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 h...