CRITICISMS OF LIONEL ROBBIN’S DEFINATION: 1. It lacks human touch as it does not consider human welfare as an end in itself. It is a purely theoretical definition. 2. It has reduced economics to a theory of value & assigns…
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INTRODUCTION TO ECONOMICS – X
Tagged with: criticisms, economic problem, means have alternative uses, Robins defination
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – IX
ECONOMIC PROBLEM: According to Prof Lionel Robbins, “economics is a science which studies human behaviour as a relationship between ends & scarce means having alternative uses.” This definition of economics is based on the following fundamental propositions: 1. Multiplicity of…
Tagged with: economic problem, means have alternative uses, Robins defination, scarce means, unlimited ends
Posted in General Economics
Posted in General Economics