Comparison Between Marshall and Robbins’s Definition of Economics

According to Marshall, economics is the science of material welfare. His definition has focused on the role of mankind as well as wealth in economic life. 

But according to Robbins, economics as the science of scarcity and choice. 

 In this way, Marshall and Robbins have defined economics in different way but there are some similarities and differences between their definitions, which are as follows:

Similarities:

Primary importance to man:

Both Robbins and Marshall have given primary importance to man. According to Marshall, economics studies man in relation to wealth. Robbins’ definition studies human behavior as a relationship between ends and scare means which have alternative uses. Thus, the ultimate aim of two definitions are the same about the study of human beings. 

Wealth and scare resources:

Marshall has used the word wealth in the process of defining economics. Robbins has used the phrase “scare means” instead of wealth. These two are similar concepts. So, Marshall had directly explained about wealth and Robbins has indirectly explained about wealth.

Welfare and satisfaction:

Marshall assumed that man aims to utilize wealth to achieve maximum material welfare. Whereas, Robbins assumed that man aims to utilize scare resources to achieve maximum satisfaction. In reality, there is not much wider difference between welfare and satisfaction.

Human behavior:

Both definitions focus on human behavior as a subject matter of economics. Marshall’s definition has studies human social behavior whereas, Robbins’ definition has studied all types of human behavior. Therefore, both definitions have studied the human behavior.

Basic pillars:

Consumption, production, distribution and exchange are the basic pillar of both the definitions.

Differences:

Which definition is superior: welfare and scarcity?

Answer:-

By observing the similarities and differences between two definitions, we can conclude that Robbins’ definition is superior than Marshall’s definition. The points of superiority in Robbins’ definition are as follows:
1. Robbins’ definition very clearly brings out the root cause of all economic problems, i.e., scarcity and choice.
2. Robbins’ definition is universally applicable because everywhere and at all the time, scarcity and choice exist.3. According to Robbins’ definition, economics studies economic activities of all people, not only those of social people. i.e., human science.4. Robbins’ definition has broadened the concept of wealth by including both the use of material goods and non-material services.

5. By presenting economics as a positive science, Robbins’ definition has saved economics from being a moral science.

Thus, Robbins’ definition is more scientific, logical and universally applicable than that of Marshall’s definition.

Chapter 1 Part 5