Monday, 4 April 2011

WHAT IS ECONOMICS?

Economics is often regarded as the queen of all social sciences. 
The science of economics was born with the publication of Adam Smith's 'An Enquiry into the Nature and Causes of Wealth of Nations 'in the year 1776.He is the father of economics....
Marshall said that economics was the study of mankind in the ordinary business of life.....".His was the welfare definition .Find out for yourself
The word Economics was derived from two Greek words OIKOU(a house) and NOMOS(to manage)
Thus the word economics was used to mean home management with limited funds available in the most economical manner. 
Lionel Robbins defined it as "Economics is the science which studies human behaviour as a relationship between ends and scarce means that have alternative uses. " 
Paul A.Samuelson gave the growth definition ,which has been widely accepted.
The subject matter of economics is studied under two broad branches -MICROECONOMICS and MACROECONOMICS.
Ragnar Frisch  coined these terms for the first time in 1933.

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