--%>

Welfare definition of economics

Explain the welfare definition of economics? Why is it criticized?

E

Expert

Verified

According to Alfred Marshall, wealth is only a means to an end in all activities, this end is human welfare. The economics is on the one side a study of the wealth and the other which is more important side is a part of the study of man.
Welfare definition of economics is criticized due to:
i) Welfare can’t be measured correctly.
ii) It ignored the valuable services like teachers, lawyers and singers.Welfare definition of economics is criticized due to:
i) Welfare can’t be measured correctly.
ii) It ignored the valuable services like teachers, lawyers and singers.

   Related Questions in Managerial Economics

  • Q : Describe the term trend projection

    Describe the term trend projection.

  • Q : Additional wage-elastic of demand A

    A firm’s demand for labor tends to be additional wage-elastic while: (1) the price elasticity of demand for output is greater. (2) substituting capital for labor is harder. (3) unskilled workers join unions. (4) labor costs are

  • Q : States the Demand Forecasting in terms

    States the Demand Forecasting in terms of production?

  • Q : Economic Capital and Per Capita Income

    The Black Plague which killed millions of medieval Europeans probably mainly directly and instantly resulted in: (1) Greater trust on the mercantilist economic theory. (2) Higher standards of living for survivors. (3) More positive attitudes of early Christian theolog

  • Q : State the laws of production State the

    State the laws of production.

  • Q : States the Scarcity Definition in

    States the Scarcity Definition in economics?

  • Q : Marginal Product of Labor Diminishing

    Diminishing returns to labor or questions of monitoring and coordination start to overwhelm any gains by specialization and division of labor within this graph at: (1) point a. (2) point b. (3) point c. (4) point d (5) point e.

  • Q : Requirement of equal paying amounts A

    A requirement of equal pay for workers along with equal amounts of education, responsibility, and experience is termed as the doctrine of: (1) marginal productivity. (2) non-exploitation. (3) central wage planning. (4) comparable wort

  • Q : Phases of business cycle explain the

    explain the different phases of business cycle

  • Q : Implicit Labor Contracts If workers

    If workers accept lower wages in exchange for employer assurances of enhanced job security, employment agreements are illustrations of: (i) credentialism. (ii) comparable worth. (iii) specific training. (iv) an implicit labor contract. (v) human capital.