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प्रश्न
Compare and contrast the definitions of economics given by Adam Smith and Marshall.
Give Marshal’s definition of economics. How is it different from Adam Smith's definition?
अंतर स्पष्ट करें
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उत्तर
| Sr no. | Aspect | Adam Smith’s Definition | Alfred Marshall’s Definition |
| 1. | Core Focus | Economics is the science of wealth. | Economics is the study of mankind in the ordinary business of life, focusing on material welfare. |
| 2. | Subject of Study | Economic man is motivated by self-interest. | A real man with broader human welfare concerns. |
| 3. | Nature of Economics | Study of material wealth only. | Emphasises human welfare more than wealth; wealth is a means to satisfy human wants. |
| 4. | View on Wealth vs Welfare | Wealth is central, human welfare peripheral. | Human welfare is central; wealth is peripheral. Wealth serves human well-being. |
| 5. | Criticism Highlighted | Overemphasis on wealth ignores non-material goods and social factors. | Broader, it includes human activities linked to the acquisition and use of wealth, focusing on welfare. |
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Notes
Students should refer to the answer according to the question.
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