Thursday, September 9, 2010

Economics is a science of material welfare

Marshall is one of the economists who contributed a good deal to economic theory.Even his definition of economics occupied important place in the literate of economics from the disrepute it had fallen because of it association 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 things;it is man and his ordinary business of life.which is the primary object of economics study.in fact,Marshall tried to make the study of economics an engine of social betterment.

                                                                           Marshall's definition,the primary object and end of economics is not concerned with the totally of human welfare but only a part of it .economists are connected with the achievement and the use of  the material means of welfare.Thus,Marshall mentioned in his definition that economics "examine that part of individual and social action which is most closely connected with attainment and with the use of the material requisites of well-beings that stands for material welfare.it is thus clear that Marshall laid emphasis on material." 

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