Prof.A.C.Dhas defines economics as "The study of choice making by individuals, institutions, societies, nations and globe under conditions of scarcity and surplus towards maximizing benefits and satisfying the unlimited present and future needs.”
In short, the subject Economics is defined as the “Study of choices by all in maximizing production and consumption benefits with the given resources of scarce and surplus, for present and future needs.”
Features of this definition:
It takes into account all the earlier definitions on Economics.
It covers both micro and macro aspects of Economics.
It considers both production and consumption activities.
It emphasises Choice Making dimension as crucial in economics.
It aims at obtaining maximum benefits with given resources
It is suitable in conditions of both scarcity and surplus.
It takes in to account the present and future needs– i.e., time dimension Dr.R.Albert Christopher Dhas
Assistant Professor in Economics
The American College
Madurai, India
albertcdhas@gmail.com
No comments:
Post a Comment