What are 10 definitions of economics by different authors?
Economics, as a social science, has been defined in various ways by different authors over the years. Each definition reflects the unique perspective and focus of the author. Here are ten definitions of economics from renowned economists and scholars:
1. Alfred Marshall: “Economics is the study of human behavior as a relationship between ends and scarce means which have alternative uses.”
2. John Maynard Keynes: “Economics is the science of how to manage a scarce resource, namely, the time and attention of the people who are employed.”
3. Adam Smith: “The science of wealth is a branch of the science of man, and has, necessarily, the same basis, the same origin, and the same limits as the science of man.”
4. Milton Friedman: “Economics is the study of how individuals and societies choose, use, and allocate limited resources to satisfy unlimited wants.”
5. Paul Samuelson: “Economics is the study of how societies use scarce resources to produce valuable commodities and distribute them among different people.”
6. Amartya Sen: “Economics is the analysis of the production, distribution, and consumption of goods and services, with a focus on the efficiency, equity, and sustainability of these processes.”
7. Kenneth Arrow: “Economics is the systematic study of the choices that individuals, firms, and governments make when faced with scarcity.”
8. Joseph Schumpeter: “Economics is the study of the economic problems of mankind, and the peculiarities of the human environment that give rise to these problems.”
9. Friedrich Hayek: “Economics is the study of how individuals make choices in the face of scarcity, and how these choices interact to shape the economy.”
10. Gary Becker: “Economics is the study of how individuals, firms, and governments make choices in the face of scarcity, and how these choices affect the allocation of resources.”
These definitions highlight the diverse perspectives and approaches to understanding the field of economics. While some definitions focus on the allocation of resources, others emphasize the behavior of individuals and societies in making economic decisions. Despite these differences, all definitions recognize the central role of scarcity and choice in the study of economics.
