There’s been a lot of criticism on Robbin’s theory; Robbins was criticized for his idealist theory about economics by Durbin and other prominent economists. By scarce means, he tried to emphasize the system on which the world works. So Robbins fails to explain the problems of overpopulation unemployment economic growth and national income. Human beings have wants which are unlimited in number. Robbins definition of economics criticized by some modern economists like Hicks, Durbin, Frazer on the following grounds. It is objected that Robbins has reduced economics merely to valuation theory. Prof. Robbins’ definition about economics is comprehensive and clear because it is based on realities of life. “Economics is a science which is the study of those principles on which the resources of a community should be so regulated and administrated as to secure the communal ends without waste.”, “Our economics holds good under barter as well as under money exchange, under individual as well as under social human conduct, under capitalist as well as under socialist society.”, “Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of allocation is to maximize the attainment of the ends.”, The followers of Lionel Robins’ like Wicksteed, Schoenfeld, Hans Mayhers, Carl Manger, Stigler, Fetter, Schaffle, Spaan, Cohen, Oppenheimer, Maxweber, Voigt etc. Prof. Lionel Robbins has strongly criticized Alfred Marshall’s definition about economics in 1932 in his book “Nature and Significance of Economic Science.” He said that the concept of material welfare does not explain the subject economics on wide and scientific grounds. The theory of scarcity does not apply to all the nations of the world. The third important proposition of Robbins definition is the scarce resources available to satisfy human wants have alternative uses. Economics is concerned with all the natural human and manmade resources that are used in the production of goods and services. It takes into account all types of human wants, material or non-material, as well as of all types of persons whether living in society or not. To satisfy unlimited wants people have limited economic resource. It is impossible that a person has all of his wants fulfilled. Man therefore, has to choose the best way of utilizing the scarce resources which have alternative uses and choices are the problems confronting to the society. Economic resources are the things and services which are limited or scarce in supply and command a non-zero price. R. W Souter, T. Parsons, Lindley Fraser, A. L. Macfie and Barbara Wooton etc. The word “material” imposed unnecessary limitation. The theory of scarcity is not applicable to all the nations; a wealth of the nations in distributed unequally, the world is divided into three main blocs based on their economic stability and resources. Thus, economics is free from the responsibility of making value judgments. How does it differ from earlier definitions? What Are The Journal Entries? It is not concerned with normative aspects. What is Gross Value Added? Critically examine. In the light of Robbins’ definition about economics, “economics cannot be called a dismal science, pig philosophy, science of bread and butter, science of selfishness and greediness or degrading sordid inquiry because it takes no responsibility of selecting the ends”. Since search for wants has been abandoned, the scope of economics has been widened to include phenomena, which are not strictly economic. Discuss. To meet the needs, humans always look for alternate resources and methods, these results in innovation and economic justice in the society to some extent. Explain it critically. In its study there is a n important aspect of human values also. The advancement of new technologies has been beneficial for multiple disciplines or fields of study such as medicine, genetics, etc. (OR), Q.Examine critically Robbins’s definition of economics. There are two types of resources available to mankind, economic and uneconomic resources. The 10th edition of... Gujarati and Porter’s Basic Econometrics provides an elementary but comprehensive introduction to econometrics without resorting to matrix algebra... Economics City is a place for learning Economics in a Easy way. Humans are not satisfied even in the abundance of goods and wealth; the needs grow along with the amount of wealth accumulated. By terming economics as a mix of material and immaterial resources and needs, Robbins widened the scope of economics; he tried to term Economics as a pure science that has more scientific applications than the normative uses to humans. Q.Explain the definition of economics given by Lionel Robbins. What Is The Right Format of Advertisement? The problem of choice wasn’t confined to economic activities; instead, it is a natural phenomenon not only faced by humans but every living being on the earth. We agree with more than science, shot through with the infinite variety of human life, calling not only for systematic thinking but for human sympathy, imagination and in an unusual degree in the saving grace of common sense. His theory is not acceptable because of the fact that the economic balance is not related to the abundance of resources. There are multiple choices and some of the choices are better than the other ones or most needed at the given time, so the problem of choice is solved by opting the one that’s in the best interest of a person or the most urgent one.
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