Friday, October 29, 2010

ORIGIN OF THE WORD "ECONOMICS"

The word "economics" is derived from a Greek word "okionomia", which means "household management" or "management of house affairs" -i.e., how people earn income and resources and how they spend them on their necessities, comforts and luxuries. With the passage of time, the word "okionomia" was used for an economy as whole in the sense that how a nation takes steps to fulfill its desires and preferences with the help of scarce means. That's why economics was called political economy in its early ages.

DEFINITIONS OF ECONOMICS:

-Economics is a science, which is concerned with those aspects of social behaviors and institutions that are involved in using the scarce resources to produce and distribute goods and services to satisfy human wants.


-The study of the problem of using available factors of production as efficiently as possible so as to attain the maximum fulfillment of society's unlimited demands for goods & services.


-The science that studies how scarce resources are allocated to meet competing and unlimited wants and how human beings satisfy their material wants and needs.


-The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps its possessor draw correct conclusions.


Definitions According to other Economists


According to Benjamin Davis
"Economics is the science that studies how scarce resources are allocated to meet competing and unlimited wants and how human beings satisfy their material wants and needs."

According to Bradely R. Schiller 
"Economics is the study of how best to allocate scarce resources among competing uses."


According to Jackson and Mclver
"Economics is concerned with the efficient use of limited productive resources for the purpose of attaining the maximum satisfaction of our material wants."


In simple words, economics can be defined as;


"Economics is the study of those natural laws which governs production, distribution and consumption of wealth; in economics we study that individual and social behavior of man which satisfy his desires and causes overall economic development."


Thee is no single definition of economics upon which all the economists are mutually agreed. Every definition is criticized by the different economists from different angles. Therefore it is difficult to describe the subject matter of economics in a few words, and proper definition of economics is still a question mark. That's why, perhaps, Keynes was not far wrong when he said "political economy is said to have strangled itself with definitions."

16 comments:

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  2. Very interesting story,. I didn't find it boring to read. In fact, I really had a fun reading your post. Thanks.

    Shella
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  3. it is very nice it is easy to understand

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  4. I love those economist who defined economics in their own words .
    Now its up to us that how we have to observe and experience .

    ReplyDelete
  5. I love those economist who defined economics in their own words .
    Now its up to us that how we have to observe and experience .

    ReplyDelete
  6. The economics subject is very to understanding.and very interesting...

    ReplyDelete
  7. its very good article if you are looking for more visit here
    origin of economics

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  8. Instead of viewing economics as a science, to become efficient and apply the natural laws,the science of economics should be understood. It is commonly said that factors of production are land and capital, but my mother taught me that it is land and humans, it is the interaction between land(which includes all aspects of geography)and human that led to the understanding of natural laws. That is the science laid in economics. The science mentioned here includes social science that deals with human this this thought,behavior and actions. It is this integration that is lacking when we say Economics is a social science. I don't know if this is a shift in thinking or poor construction of thought in the English Language. For example redrawing of boundaries, that has has a drastic effect on the economics of a nation,where people struggle to get clean water and cultivation. Money economics just deals with the mathematics of making money. The word science comes from the English word "conscience", as such ECONOMICS as a science must reflect CONSCIENCE .. that alone ensures sustainability and survival in the short and long term.

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  9. I can shorten the definition even more succinctly:
    Economics is the study and advancement of capitalism.

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  10. The economics is the study of that how we satisfy our needs,wants, luxury which is unlimited with limited resources or income.

    ReplyDelete

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