Day: August 6, 2024

History of Economics

History and Evolution of Economics

Reading Time: 3 minutes Economics has come a long way from its ancient roots in trade and resource management to the diverse theories we use today, like Keynesian and Behavioral Economics. Exploring this evolution helps us understand how past ideas continue to influence our modern economic practices.

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Adam Smith, Lionel Robbins, Alfred Marshall's Definitions

Adam Smith, Lionel Robbins, Alfred Marshall’s Defnitions

Reading Time: 3 minutes Adam Smith, the father of modern economics, defined economics as the study of wealth creation. Lionel Robbins expanded this, viewing economics as the science of scarce resources and their allocation, while Alfred Marshall emphasized economics as the study of human behavior in relation to material welfare.

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Criticism of Alfred Marshall's definition

Criticism on Alfred Marshall’s Definition of Economics

Reading Time: 3 minutes Alfred Marshall’s definition of economics has been foundational but faces criticism for its narrow focus and limited scope, failing to encompass broader economic systems and modern concepts. This blog explores these criticisms with clear examples to illustrate the evolving nature of economic thought.

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