An Introduction to Economics in English

        An Introduction to Economics

       

  Economics at a glance

 Economics is the most important issue of today which no country can ignore. We will discuss on the importance and necessity of economics through this channel. Unique channel for providing knowledge to students.

The subject of economics is divided into three different periods which are as follows.

1. Classical Age/ Era of ECONOMICS.
2. Neo-Classical Age/ Era of ECONOMICS.
3. Modern Age/ Era of ECONOMICS.

Classic Era  of Economics:

The classical period is also considered to be the age of Adam Smith. In 1776, Adam Smith wrote a book "An Inquiry into the Nature and Causes of the Wealth of Nations" which is also considered to be the first regular book on economics. Adam Smith is known as the father economics.

He defines economics in these words.

"Economics is the science of wealth"

 Neo-Classical Era of Economics

 The neo-classical era is known the Marshall Age. In 1881, Marshall wrote a book entitled "Principles of Economics" which redefined many aspects of economics and removed many shortcomings.

He defines economics as:

"Economics is the study of human activities in the ordinary course of business. It studies how man attains his income and how he utilizes it. In this way, it studies wealth, on one hand, and on the other hand, it is a part of the study of man, which is more important."

 Modern Era of Economics

 The modern era is known as the age of Robbins. Robbins introduced a new definition of economics and declared that the definitions of economics so far are not complete or satisfying. In 1932, Robbins wrote a book, "The Nature and Importance of Economics".

Robbins defines economics in these words.

"Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses"

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