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WEEK 1
MEANING OF ECONOMICS AND RELATED CONCEPTS
Content
- Definitions, scope, importance of Economics
- Methodology of Economics.
- Economics as a social Science.
Sub-Topic 1: Definitions, Scope and Importance of Economics
Meaning of Economics
Economics has many definitions. The reason is that Economists see the subject from different points of view.
Adam Smith: He is regarded as the father of Economics because he laid the foundation of Economics as a discipline/subject. In his book titled “The wealth of nations” written in 1776, he defined Economics as “an inquiry into the nature and causes of the wealth of Nations”.
Other notable Economists are Alfred Marshall (1890), John Stuart Mill (1843); Professor Alfred Pigou; Lord Keynes, H.J. Davenport; Professor Paul Samuelson, Professor Sam Aluko of Nigeria, Professor Lionel Robbins etc.
Economics has many definitions. The most widely accepted definition is given by Professor Lionel Robbins which says “Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses”. His definition is widely accredited because it embraces the following terms:
- Economics is a Social Science because it deals with human behaviour and the activities of the people in the society.
- Ends: These are needs which are desired by the consumer to give satisfaction. Examples are cars, clothes, foodstuffs, handsets, books etc.
- Scarce means: “Means” are resources which are scarce relative to the demand for them.
- Alternative uses: The scarce resources can be put to so many uses. For example land can be used for farming or construction of houses, factories.
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