Why Lionel Robbins Economic Definition Is More Realistic?

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Why Lionel Robbins Economic Definition Is More Realistic?

2 Answers

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Answer 1

Acc. To Robbin's," Economics is the science which studies human behaviour as a relationship between ends and scarce scarce means which have alternative uses." Now if we see this definition we shall find it to have 3 fundamental propositions i.e; ends , scarce means and their alternative uses. "Ends" refers to human wants with are unlimited in number and recurring.. "Scare means" refers to the limited resources we have at our disposal to satisfy our wants. And lastly "alternative uses" means that the limited resources at our disposal are capable of being put to alternative uses. Now if we analyse our everyday life we shall see that Robbin's definition is the most suitable one.. As such it is more realistic and practical.. Economics is not only the study o production demand and supply rather it is a normative science which aims at the optimum utilisation of scarce resources accruing maximum benefits..

Answer 2

The merits of Robbins definition are: comprehensiveness Robbins definition reflects the realities of life. As it is known that human wants are unlimited and the available resources are limited and all of human beings are making the alternative use of resources. This means that all human beings are faced with the problem of scarcity and choice. Therefore, the definition clearly identifies the existence of the economic problem in a most comprehensive manner. Extension of the scope of Economics, unlike Marshal, Robbins brings into focus not only goods but also services required to satisfy human wants. Not only this, Robbins also established that Economics as a science is neutral between good wants and bad wants.

According to Robbins "Economics can be no longer regarded a 'dismal science'; because it takes no responsibility on selecting the ends". Analytical in nature, Robbins definition of Economics helps to analyse the economic problems of the people and therefore gives a way for their solutions. Keeping in view the definition we can ascertain the available resources of a country for their optimum use in different sectors of the economy so that larger number of goods and services are produced. Thus, analytical approach can help solve the economic problems of the people as far as possible.