Criticism of Marshall's statement:There is no doubt that Marshall’s statement is a great enhancement over the statement of Adam Smith. For its emphasis is on social troubles. And economics is a social science. Furthermore, it tells us about the link among wealth and welfare. However the main idea of Marshall that economics is a science which deals with material welfare has been strongly criticized. Lionel Robbins is an enormous critic of this statement. He says that Marshall’s statement mis-represents the science of economics.At first, when we go by the definition of Marshall, in economics we must consider only those activities that promote material welfare. However many activities do not promote welfare although are rightly considered as economic activity. For illustration, we know that alcoholic drinks and cigarettes are bad for our health. But such commodities are generated and sold. There is a market for them. And there are sellers and buyers. Hence the production and distribution of such goods is economic activity. Let us take another illustration. War does not encourage material welfare. However we have “economics of war”. And it is a significant branch of economics. There are many economic troubles with regard to war. At times, the economic causes of war are more significant than the political and social causes. Therefore it is not right to say that economics studies material well-being.Secondly, some activities promote well-being however not material welfare. For illustration, the activities of lawyers, doctors, actors, musicians promote our welfare. However their labor does not consequence in the production of material goods. When we follow the material welfare statement of economics, we can’t consider the activities of the above categories of labor as economic activity as they do not promote material welfare. However we make utilization of their services. We pay a price, at times very high price, for their services. Their services contain economic value. It is misleading to elucidate economics as the study of the causes of material welfare. In the words of Lionel Robbins, “whatever economics is regarded with, it is not concerned with the cause of material welfare as such”.Third, Marshall’s definition is classificatory and is not analytical. It considers the production of material goods (example, tables, chairs, cycles and cars,) alone as economic activity. Since the services of a teacher or a judge do not generate material goods, they are not considered as economic activity. This is a mistaken view. As Lionel Robbins says, “we do not say the manufacture of potatoes is economic activity and the production of philosophy is not”.Lastly, by introducing ethical concepts such as welfare, economics will become an inexact science. For it is instead difficult to measure welfare. And some economic policies that promote the welfare of some people might affect the welfare of others.Despite of the above criticism against Marshall’s definition, we must not forget that Marshall has broadened the scope of economics by establishing a link among wealth and man and his welfare.Modern definitions of economics depend on the theory of scarcity and choice.
Latest technology based Economics Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Nature and Scope of Economics help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Nature and Scope of Economics, project ideas and tutorials. We provide email based Nature and Scope of Economics help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Nature and Scope of Economics. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Economics Homework help and assignment help services. They use their experience, as they have solved thousands of the Economics assignments, which may help you to solve your complex issues of Nature and Scope of Economics. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com pasteur vaccine for rabies assignment help-homework help by online microbes in fermentation tutors
Get your complicated assignments resolved by qualified Feminist Philosophy Assignment Help tutors at rational prices.
www.tutorsglobe.com offersmaterial price variance assignment help, material price variance homework help, answering questions to material price variance homework, accounting online tutoring by qualified tutors.
Theory and lecture notes of Change in Price all along with the key concepts of change in price, Slutzky Equation, Slutzky Decomposition, Labor Supply application. Tutorsglobe offers homework help, assignment help and tutor’s assistance on change in price.
www.tutorsglobe.com offers fiscal policy tutorial and concepts, types of budgets, economics assignment help- homework help by online tutors help.
tutorsglobe.com phospholipids assignment help-homework help by online lipid metabolism tutors
tutorsglobe.com immune suppression assignment help-homework help by online tissue transplantation tutors
tutorsglobe.com propagation by modified subaerial stem assignment help-homework help by online natural methods of vegetative propagation tutors
We have finest Introductory development cell biology Assignment Help team of dedicated tutors committed to offer A++ papers at affordable prices.
what is international trade? define some of basis of international trade, www.tutorsglobe.com offers theory and concepts of international trade, assignment help - international trade homework help.
tutorsglobe.com merits and demerits of cloning assignment help-homework help by online cloning tutors
Theory and lecture notes of Aggregate Supply and Phillips Curve all along with the key concepts of aggregate supply, phillips curve, Three Faces of Aggregate Supply, Okun’s law. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Aggregate Supply and Phillips Curve.
Orientation and Taxes tutorial all along with the key concepts of Introduction to Sexual Orientation, sexual identity and behavior, Measuring sexual orientation and Sexual arousal
tutorsglobe.com working capital forecasts assignment help-homework help by online working capital management tutors
tutorsglobe.com energy resources assignment help-homework help by online natural resources tutors
1947082
Questions Asked
3689
Tutors
1478409
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!