Fixing Responsibility for Economic Blunders


Economics was defined as Science of Wealth Creation by Adam Smith, the father of economics as well as the economics of early days like J.E. Cairnes, J. B. Say, and F. A. Walker ( According to these economists, economics was science that dealt with the ways in which a nation acquires wealth. This definition placed economics as a stream of knowledge devoid of any human face. To provide a social and moral face to this stream of knowledge the next generation of economists like Marshall, Robbins, and Samuelson gave a more comprehensive and humane definition of economics. They defined economics as a branch of knowledge which is on the one side a study of wealth. and on the other, and more important side, a part of the study of man. ( Another very famous definition of economics comes from a very popular economist of the modern age – Robbins. He defined economics as the science of optimum allocation of scarce resources to satisfy infinite needs. His definition of economics tried to distance it from the moral or ethical issues to make it a scientific discipline. Today, his definition is the most acceptable definition of economics and modern-day economists do not consider it anything but a scientific subject. They have learned and applied much exotic mathematics, be it differential equations in many variables or abstract concepts of set theory and linear algebra into different problems and situations of economic sense.nbsp.