LIJIT SEARCH

Nature of Economics

Scarcity and Choice Definition in Economics

Origin of Economics
An ancient times oriental philosopher Kautilya regards economics as a science of state government. The word 'Economics' is derived from the Greek word 'Oeikonomicus'. In Greek word 'Oeiko' means 'households' and 'Nomicus' means 'study'. The word oeikonomics refers to the science of household management. Occidental Greek philosopher Aristotal divided economy into two parts:
  • Economy Proper
  • science of Supply
As time passed, economics was developed by several economists with different vision. Generally, the development of economics is divided into:
  • Classical Period (1776-1890)
  • Neo-Classical Period (1890-1932)
  • Modern Period (1932-onwards)
Classical Period (1776-1890)

The famous economists of this period were Adam Smith, T.R. Malthus, J.B. Say, David Ricardo, etc. These economists are pillar of the classical economics. The study of economics in and around wealth and its significance.

Neo-Classical Period (1890-1932)

The famous economists of this period were Alfred Marshall, A.C. Pigou, Carl Marx, etc. The study of economics as the satisfaction or welfare derived from the consumption of material goods.

Modern Period (1932-onwards)

The famous economists of this period were Leonel Robbins, J.M. Keynes, etc. The study of economics for changing the focus of the study are 'wealth and aspect' and 'material welfare' to 'scarcity and choice' and 'human development'.

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