Wednesday, December 20, 2006

Definition of Economics: Alfred Marshall

What is Economics?

Alfred Marshall (1842-1924), one of the most influential economists during his lifetime, defined economics as the "study of mankind in the ordinary business of lie; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being."

Principles of Economics, 8th ed. (New York, Macmillian, 1920), p.1.

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