Introduction to Economics - Definition of Economics | Adam Smith | Alfred Marshall | Robbins

Welcome to our detailed discussion on Economics! This video provides an in-depth look at the definition of economics from multiple perspectives, primarily focusing on the theories put forward by Adam Smith, Alfred Marshall, and Lionel Robbins.

Here are the key areas we cover:

Introduction: We start by breaking down the concept of economics for a layman. This primer helps set the stage for the rest of the video, allowing us to delve deeper into the subject matter.

Adam Smith's Definition of Economics: We explore Adam Smith's theory of economics, which he proposed in his seminal work "The Wealth of Nations." Smith's emphasis on the role of individual self-interest and its aggregate impact on the economy is analyzed in this section.

Alfred Marshall's Definition of Economics: Transitioning from Smith's views, we delve into Alfred Marshall's perspective. Marshall, a prominent figure in the world of economics, presented his views in his book "Principles of Economics." We discuss his concentration on material welfare and how he expanded the scope of economics.

Lionel Robbins' Definition of Economics: In this section, we study Lionel Robbins's definition of economics as a science of scarcity and choice. Robbins' modern, scarcity-oriented definition is a shift from the previous welfare-oriented definitions.

Comparative Analysis: We compare and contrast these three views, highlighting their relevance, differences, and how they've shaped economic thinking over the years. This analysis helps to understand the evolution of economic thought from the classical to the neoclassical period.

Conclusion: We wrap up the video with a summary of the main points discussed and the importance of understanding these definitions for anyone studying or interested in economics.

Don't forget to like, share, and subscribe to our channel for more educational content. Feel free to leave a comment if you have any questions or thoughts about the video.

[rabianeelam]

explain in very simple language....very understandable..

[alexaditor]

Sir science and art of economic ki bi video bna dain

[mariaashrafashraf]

Asalamo alaikum
Sir kindly money supply ka topic share kr dy