Name the definition which has got maximum acceptability. Give thi… - Vidyadip

Question

Name the definition which has got maximum acceptability. Give this definition. Critically evaluate it.

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Answer

Scarcity Definition was given by Robbins.
According to him, “Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses."
Critical Evaluation of Scarcity Definition: Robbins defined economics as neutral between ends and declaring economists to be least bothered about values and welfare.
Robbins definition of economics does not cover the aspects of economic growth and economic development. Problem of unemployment is not a problem of scarcity but a problem of abundance of manpower. It has reduced the scope of economics only to allocation of resources.

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