3. Science of Choice Definition
During the early period of the 20th century, Lionel Robbins introduced a new definition which is popularly known as Scarcity definition. This definition is based on certain fundamental propositions i.e.
1. Ends- Ends here refers to human wants that are unlimited and satisfaction of one want immediately give rise to another .
2. Scarce Means- The available means to satisfy these wants are strictly limited with limited time and resources ,therefore the scarcity of means give rise to choice.
3. Alternative uses- At a time , the use of scarce resources used for one end prevents its use for any other purpose. For example Land is capable of growing rice, sugarcane, wheat , maize etc .
Criticism
Though scarcity definition is more scientific than welfare one but still it has many drawbacks-
1. It does not confine the scope either to the study of wealth or welfare and extend all activities of mankind with problem of choice ,which has neither the social significance nor the social implications and made it too wide.
2. Lionel Robbins claims economics a mere theoretical science which made this definition meaningless.
3. When economics is not concerned with ends, economics becomes both theoretical and abstract.
4. Robbins definition lacks human and realistic touch which makes economics a pure science devoid of all humanism.
5. Economic problem not always arises from scarcity and it also arise from the abundance of goods as well.
During the early period of the 20th century, Lionel Robbins introduced a new definition which is popularly known as Scarcity definition. This definition is based on certain fundamental propositions i.e.
1. Ends- Ends here refers to human wants that are unlimited and satisfaction of one want immediately give rise to another .
2. Scarce Means- The available means to satisfy these wants are strictly limited with limited time and resources ,therefore the scarcity of means give rise to choice.
3. Alternative uses- At a time , the use of scarce resources used for one end prevents its use for any other purpose. For example Land is capable of growing rice, sugarcane, wheat , maize etc .
Criticism
Though scarcity definition is more scientific than welfare one but still it has many drawbacks-
1. It does not confine the scope either to the study of wealth or welfare and extend all activities of mankind with problem of choice ,which has neither the social significance nor the social implications and made it too wide.
2. Lionel Robbins claims economics a mere theoretical science which made this definition meaningless.
3. When economics is not concerned with ends, economics becomes both theoretical and abstract.
4. Robbins definition lacks human and realistic touch which makes economics a pure science devoid of all humanism.
5. Economic problem not always arises from scarcity and it also arise from the abundance of goods as well.
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