CONCLUSION REGARDING DEFINITION OF ECONOMICS
Thus, every time we face a dilemma. One may, therefore, agree with Prof. Liner that Economics is what economists do. We know that the economists study resource allocation or resource utilization. Elbe also study size, distribution and stability of national income and now they study the fascinating subject of economic growth. A proper definition must cover Ibis wide field to indicate corr.
In short. Economics may be defined as social science concerned with the propel use. and allocation of resources for the achievement and maintenance or growth with stability.Colonies is a social science concerned chiefly with the way the society chooses to employ its limited resources, which have alternative uses, 10 produce goods and services for present and future consumption. “1.1 It describes and analyses the nature and behavior of the economy.
Definition given by Professor Henry Smith seems to be very suitable. The defines Economics as the “study of how in a civilized society one obtains the share of what other people have produced and of how the total product of society changes and is determined.
This definition covers important aspects of the study of Economics, viz .. production and distribution of wealth and the determination of the level and changes in the total product of the nation which implies the theory of economic growth: Paul Samuelson, defined economics on the basis of the modem concept of growth criteria.
Economics is a study of how men and society ‘choose’ with or without the use of money, to employ scarce productive uses resource which could have alternative uses, to produce various commodities over time and distribute them for consumption, now and in thc future among the various people and groups of society.
Evasions referred Economics as the calculus of pun and pleasure. or it may be the effort of earnings (dis utility) and the .amount of satisfaction utility) we get from the income earned by human effort. Two things can be developed. (i) a more precise definition. by using mathematics, and (ii) extending the concept of pair and pleasure in to certain ‘real’ economic variables.
In contemporary society the service sector is dominating more, hence it is not only a definition of “scarce resources and ends but here the resources must include the service sector also, it should not be only production of goods but also the services available to the individual. Economic problem is generally taken into account the macro-economic problem, or a very generalized micro economic.Theories have been developed. It is essentially related to economics and the new theories have been developed to solve it, but they have been allotted different names.