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However, it was not until much later when the term, and even later the science subject, ‘economics’ arose. The subject definition of economics, according to Bannock, Baxter and Davis (1998; 122), is the study of production, distribution and consumption of wealth in human society. But it also states that many economists do not feel very comfortable with any definition of their subject because of the way their subject-matter of economics is put towards material welfare alone. ...
Lionel Robbins (1898-1984), an Economist who was chairman of the London School of Economics and who later became the chairman of the Financial Times, did not agree with that definition and came up with his own more general and more theoretical definition. He states that Economics is ‘a science which studies human behavior as a relation between ends and scarce means which have alternative uses’. ... The first one is from a view closer related to businesses and to practical applications of economics.
Approximate Word count = 795
Approximate Pages = 3.2
(250 words per page double spaced)
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