Question

What are the features of Robbins’ definition of economics?

Point out the salient features of Robbin’s definition of economics.

Answer 1

1. Unlimited Ends: Human wants are unlimited. There is no end to human wants, as satisfying one want leads to the emergence of others. Hence, choices must be made to prioritize and satisfy the most urgent wants first.
2. Scarce Means: The resources or means available to satisfy these unlimited wants are scarce or limited. These scarce resources cannot satisfy all wants, compelling society to postpone some wants.
3. Alternative Uses of Means: The scarce means or resources have multiple alternative uses. For example, coal can be used in factories, railways, thermal power stations, or households, meaning choosing one use foregoes others.
4. Efficient Use of Scarce Resources: Since wants are unlimited, they must be ranked according to priority. Scarce resources must be used efficiently to satisfy the most important wants.
5. Science of Choice (or Science of Scarcity): Because wants are numerous and resources scarce, individuals and society must make choices about which wants to satisfy and which resources to use. Economics is thus viewed as a science of choice arising from scarcity.