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What is subject matter of economics …

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What is subject matter of economics ?

Posted by Dimpi Singh 7 years, 7 months ago

CBSE > Class 12 > Economics

2 answers

Pallavi Mandal 7 years, 7 months ago

Various economists have different views about the subject matter of economics. Adam smith, in his book “An Inquiry into the nature and causes of Wealth of Nations which was published in 1776 defined economics as an enquiry into the nature and causes of wealth of Nations in other words it lays importance on wealth rather than welfare of human beings. It shows to a man uses wealth produces wealth and how wealth is exchanged and distributed in the economy.

Pallavi Mandal 7 years, 7 months ago

According to modern economist like Peterson and Samuelson the subject matter of economics is a science that studies only those activities of human being which he undertakes to maximize his satisfaction by making proper use of scarce resources.

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