MODERN DEFINITION

During the last 40 years or so, economic n has moved much further from Robbins according to Robbins, Economics is concerned  best possible use of the limited resources. now considered that Economics is much more merely a theory of value or of resource allocation.

The credit for bringing about a revolution in economic thinking goes to late Lord J. M. Keynes. According to him, Economics studies how the levels  of income and employment in a community are determined. Thus, in Keynesian terms, Economics is defined as the study of till maladministration  scarce solution’s and income . In other words, it studies the causes of economic fluctuations to see how economic stability could be promoted.

In Benham’s words, economics is  study of the factors  the size, distribution and stability of a income. More recently, the theory of Economic growth has come to occupy an important place in the study of Economics with reference to under-developed economies. It studies how the national income grows  years, An economy like. that of India which is  mercy of monsoons news economic stability economic growth. Thus, a study of ecumenicism growth and of economic stability forms an integral and important part of the study of Economics. A good anti adequate definition of economic must cover them.