Definition of Economics

As time changes new things are included in the science and the old things are replaced. Therefore, it is not possible to give any fixed definition about any science and even it is defined, it becomes only temporary. According to Jacob Viner,"Economics is what economists do." Also, according to Barbara Wooten,"Whenever six economists are garthered together, there are seven opinion." Even then the definition of economics can be study under the following headings:
  • Economics as a science of wealth,
  • Economics as a science of material welfare,
  • Economics as a science of scarcity and choice.
The above three headings are based on the period of classification of econimics. In this way, the deep and detail study of the origin of economics as a science of wealth, science of material welfare and science of scarcity and choice. These three headings deals with the definition of economics given by classical economist, neo-classical econimists and modern economists. The study of these three headings help us to know the origin of economics, it's time period, definitions given by different economists and their definition of economics.


Scarcity is the most common problem of the society now a days due to poor government, graft and corruption. In able to supress this kind of problem we should do a move and help hand in hand .Also, we should always be open-minded in any situations.


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