--%>

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 : Supply of certain types of labor The

    The supply of certain types of labor is determined through the: (w) skills of potential workers. (x) the availability of other workers. (y) the prices of output. (z) production technology. I need a good answer on the topic of

  • Q : Define the areas of Scope of Managerial

    Define the areas of Scope of Managerial /Business Economics?

  • Q : Explain the Opinion Survey method of

    Explain the Opinion Survey method of Demand Forecasting.

  • Q : Real business practices and traditional

    Illustrates the ways in managerial economics bridges between real business practices and traditional economic theory?

  • Q : Relation between Average Revenue

    Illustrates the relation between Average Revenue, Total Revenue and Marginal Revenue?

  • Q : The Income Effect by Supply of Labor

    Along a supply curve for an individual’s labor, there the income effect tends to rise the: (1) supply of work as wages reduce the number of people a firm will hire. (2) demand for leisure as the wage rate and income raise. (3) l

  • Q : Price of output in purely competitive

    When this purely competitive labor market is primarily in equilibrium at D0L, S0L, a moving step to equilibrium at D1L, S0L would be probably to follow from increases in: (w) imports of this good by foreign competitors. (x)

  • Q : Value of the Marginal Product The value

    The value of marginal product of a variable resource is marginal physical product of it multiplied with: (w) the marginal revenue from the sale of its addition to output. (x) its cost. (y) the price of the product. (z) one.

  • Q : Substantial general training in firm A

    A firm which provides its workers along with substantial general training tends to: (1) retain such individuals by paying them the relatively highest wage premiums. (2) require workers to sign legal contracts of peonage and indenture. (3) increase wor

  • Q : Occurrence of Occupational Crowding An

    An illustration of occupational crowding occurs while: (1) Morgan, Blake and Jackie share one small office and a fax machine at an investment firm. (2) Juanita, Rosa, and Maria find work only as hotel maids since, as Hispanic women, they are stereotyp