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Robbin's Definition of Economics

Here we understand the Concept of Professor Robbin's Definition of Economics in detailed.

Robbin's Definition of Economics
Professor Lionel Robbins defined economics as "a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."
The main points involved in Prof. Robbin's definition are mentioned below:
  1. Unlimited Ends (Wants) : According to Professor Robbin's, Ends here refer to human wants. As we know from our experience, our wants are various and unlimited in number. The satisfaction of one want immediately gives rise to another.
  2. Urgency of Wants Differs : Here according to Professor Robbin's. All these wants are not of equal urgency. Some wants are more urgent, while other are less urgent. It means, wants differ in degree of importance and therefore, these can be arranged in order of priority.
  3. Scarce Means : The means or the resources to satisfy the unlimited wants are limited or scarce. The word 'scarcity' is to be interpreted in a relative and not in an absolute sense. The scarcity or otherwise of a commodity is to be considered only in relation to its demand. This scarcity or resources in relation to ends gives rise to the problem of choice. It means, the satisfaction of one end may imply the foregoing of other ends.
  4. Alternate Uses of Scare Means : According to Professor Robbin's, here the means or the resources to satisfy unlimited ends are not only scare and limited but they can be put to alternative uses. The problem of choice here becomes more complicated and complex.

Robbin's Definition of Economics
Unlimited Ends
Urgency of Wants Differs
Scarce Means
Alternative Uses of Scarce Means
Professor Robbin's Definition of Economics.
Kinnari
Tech writer at NewsandStory
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