A brief note on the classification of definitions in Economics.

A brief understanding of the plethora of definitions given by the economists-

1) Wealth definition : it was considered to be a study of people who were engaged in the production and consumption of wealth. It unfortunately was viewed in a very narrow sense because it seemed to exclude people not engaged in wealth creation activity. So this definition was rejected by the end of 19th century.

2) Welfare definition : focus shifted from wealth to welfare wealth was not the end but a means to attain welfare. Marshall who was the first economist who shifted the focus from wealth to welfare this definition was also criticized for being rigid as it talked only of humans coma more in nature rather than analytical.

3) Scarcity definition: marshalls definition seemed to be accepted largely until Robins came up with the new concept of scarcity which are billed to many thinkers as more real and logical. He studies human behaviour in relationship between ends and scares means, having alternative uses. he highlighted the concept of cost and choice as the basis of the study of Economics.

4) Growth definition: scarcity definition was also criticized for being static in nature. Also mention give the most popular definition of growth in economics which was widely accepted the great merit of examinations definition is is that he takes into consideration the dynamic changes taking place both in the means as well as the end with respect to time.