alfred marshall defined economics as the study of mankind in the ordinary business of life.
alfred marshall defined economics as the study of mankind in the ordinary business of life.
who defined economics as the study of mankind in the ordinary business of life?
alfred marshall
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in his widely read textbook, "principles of economics", published in 1890, marshall defines economics as follows:









































"political economy or economics is a study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of material requisites of well-being".









































section::::implications.









































the following are the implications of this definition: fodo tuzo









































bullet::::1. economics is a study of humankind.









































bullet::::2. human life has several aspects: social, religious, economic and political—but economics is concerned only with the economic aspect of life.
welfare definition of economics