Economics Is A Science of Material Welfare (Marshall's Definition) PDF

8/31/2016
EconomicsisaScienceofMaterialWelfare(Marshall'sDefinition)
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Economics is a
Science of Material
Welfare (Marshalls
Definition)
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Economics is a Science of Material Welfare!

Marshall is one of the economists who
contributed a good deal too economic theory.
Even his definition of economics occupies an
important place in the literature of economics.
Marshall was the first economist who lifted the
science of economics from the disrepute it had
fallen into due to its being associated with the
study of wealth.
Marshall pointed out that, for economics,
wealth is not an end in itself but it is only a
means to an end; the end being the promotion
of human welfare. Thus, according to Marshall,
wealth is only a secondary thing, it is man and
his ordinary business of life which is the
primary object of economic study. In fact,
Marshall tried to make the study of economics
an engine of social betterment.
http://www.yourarticlelibrary.com/economics/economicsisascienceofmaterialwelfaremarshallsdefinition/36566/
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With this end in view, Marshall gave the

following definition of economics; Political
Economy or economics is the study of mankind
in the ordinary business of life; it examines that
part of individual and social action which is
most closely connected with the attainment and
with the use of the material requisites of wellbeing.
Three things are worth noting in the above
definition provided by Marshall. First, it is a
study of man as such and not of wealth. No
doubt, according to this definition, economics is
concerned with wealth but it is concerned with
wealth in the sense that it studies mans action
regarding how he earns wealth and how he
spends it. It is thus clear that it is the study of
man which occupies the prominent place in the
economic study.
Thus Marshall writes Economics on the one
side is study of wealth and, on the other and
more important side, a part of the study of
man. Secondly, Marshalls definition implies
that economics is concerned with a particular
aspect of mans life. There are many aspects of
mans lifesocial, religious, political, etc.
Economics studies mans life in the ordinary
business of life. The ordinary business of life
means how a man gets his living and how he
spends it. Thus Marshall says Economics is a
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study of mankind in the ordinary business of

life.
At another place he says, Economics is study of
mans action in the ordinary business of life. It
enquires how He gets his income and how he
uses it. Thirdly, according to the above
Marshalls definition, the primary object and
end of economics is the promotion of material
welfare. It should be noted that economics is
not concerned with the totality of human
welfare but only a part of it.
Economists are concerned with only one aspect
of human welfare which is connected with the
achievement and the use of the material means
of welfare. Thus Marshall incorporated in his
definition that economics examines that part
of individual and social action which is most
closely connected with attainment and with the
use of the material requisites of well-being. It
is the phrase material requisites of wellbeing
that stands for material welfare. It is thus clear
that Marshall laid emphasis on material
welfare as the primary concern of the science
of economics.
There are other economists who have also
defined economics in terms of economic
welfare. Thus Cannan defines economics in the
following words: The aim of Political Economy
is the explanation of the general causes on
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which the material welfare of human beings

depends.
Thus in this definition also emphasis has been
laid on material welfare of man and; according
to Cannan, economics enquires into the factors
which determine the material welfare of
human beings. Likewise, Pigou describes that
the range of our enquiry becomes restricted to
that part of social welfare which can be
brought directly or indirectly into relationship
with the measuring rod of money.
It should be noted that in the above Pigous
definition the part of social welfare which can
be related directly or indirectly with the
measuring rod of money means the material
welfare of human beings because it is material
welfare which can be measured by the
measuring rod of money.
Non- material welfare cannot be measured
with the aid of money. The total human welfare
also cannot be measured with the help of
money. It is only a part of the human welfare,
that is, material welfare which is measurable in
terms of money.
Critical Evaluation of Marshalls Definition
and other Welfare Definitions:
After Marshall had given the definition of
economics it began to be thought that the
problem of defining economics had ended
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because it was considered that Marshalls

definition provided a correct scope and
objective of economics.
Many economists accepted it and even now
many modem economists would express
agreement with Marshall. But Marshall has also
not been without its critics His definition and
other welfare definitions have been severely
criticised by Lionel Robbins, a prominent
English economist.
Marshalls definition has been criticised by
Robbins on the following grounds:
1. Firstly, Robbins is of the view that economics
should not have any connection with material
welfare. Robbins points out that in economics
we study not only material things but also
immaterial things. Therefore, according to him,
it is incorrect to say that economics is
concerned with material things alone.
He points out that in economics we also
enquire how the prices of immaterial services
such as professional singers, actors, and
actresses, dancers, etc., are determined and
they are important topics of price theory.
He thus says: A theory of wages which ignored
all those sums which were paid for immaterial
services or were spent on immaterial ends
would be intolerable. Moreover it is very
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difficult to separate the material welfare from

the other types of welfare.
The welfare is entity as such and we cannot
divide it into various parts. Even with the
measuring rod of money we cannot precisely
and exactly segregate the material welfare
from the total welfare.
2. Robbins has also objected to the word
welfare in the above welfare definitions.
According to Robbins, the concept of welfare is
not fixed and definite one; it differs in different
countries and at different times. Welfare is a
subjective thing and it varies from person to
person.
Therefore, according to Robbins, it cannot be
said in objective terms which things would
promote welfare and which will not. Moreover,
according to Robbins, economics is concerned
with many goods and activities which are
generally thought to be harmful to human
welfare but they are studied in economics
Goods like liquor, cigarettes, opium are hardly
conducive to human welfare but their pacing
problem is studied in economics.
In fact, according to him, economics is not
concerned with welfare at all. He explains that
economics studies the problems which have
arisen because of the scarcity of resources.
Goods and services which are scarce in relation
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to demand for them would carry price in the

market. Therefore, we should study all those
goods whether they promote welfare or not.
Goods like liquor, cigarettes and opium though
harmful to human welfare, are studied in economics because some people in the society
want them and they are scarce in relation to
demand for them Therefore, economists have
to study the pricing problem and other aspects
of such goods whether they promote welfare or
not. Robbins remarks, Why talk of welfare at
all? Why not throw away the mask altogether.
Thus, according to Robbins, if economics is
thought to be concerned with the causes of
material welfare, then we have to give decision
regarding what will promote welfare and what
will reduce welfare. Therefore, we would be
entering into the question of ethics, namely,
what ought to be and what ought not to be.
But Robbins is of the view that economics is
neutral between ends and it cannot prescribe
what should be done and what should not be
done, what promotes welfare and what not,
what is good and what is bad. Therefore,
Robbins remarks whatever economics is
concerned with it is not concerned with causes
of material welfare as such.
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8/31/2016

Economics is a Science of Material Welfare!

With this end in view, Marshall gave the

study of mankind in the ordinary business of

which the material welfare of human beings

because it was considered that Marshalls

difficult to separate the material welfare from

to demand for them would carry price in the

Difference between Micro and MacroEconomics Explained!

Before publishing your

Gas Hydrate: Detection

Ocean Thermal Energy

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