The most widely accepted and used definition of Economics is
the definition given by Lionel Robbins. Robbins definition of Economics states
that “Economics is the science that studies human behavior as a relationship
between ends and scarce means, which have alternative uses”.
According to Lionel Robbins’ definition of Economics, a
reader or learner quickly realizes that Economics deals mainly with the problem
of scarcity and choice. This is the major reason why we have a subject called
Economics. In the absence of scarcity of resources, there would be no need for
us to study “Economics”.
Lionel Robbins’ definition gives us one of the best ideas
what the subject Economics is all about. It is for this reason the definition
is the most widely accepted definition of Economics.
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