Economics is mainly concerned with our possessions and needs. It’s all about how a man could overcome his unlimited wants. A man needs to manage his productive resources to produce goods and services to satisfy his unlimited wants like food, shelter, clothes, and many other things. He wants all these things for his welfare, progress, and even his very existence.
OIKOS AD NEMEIN
The word economics has been derived from the Greek words Oikos and Nemein more specifically it’s given the word ‘’OIKONOMIA’’. Oikos is meant by a house and Nemein means to manage. So basically it means to manage your house. Economics could be found merely everywhere. You might find it between two grandmothers at old house discussing over how they survived their lives and when it comes to life it indirectly means money.
Although money is quite essential to all of us. You might have heard a saying that says “HEALTH IS WEALTH’’
Most of you might agree but people like me won’t. You need money to buy fruits for your health and if you are quite conscious about your diet and body you indeed need a gym too or yoga classes and yes how can we forget about the tracksuit and gym/yoga essentials, no doubt they are quite expensive too. Expensive is what rarely kills us. We all have dreams and we need money to pursue them.
ARGUMENTATIVE INTENT BETWEEN MARSHALL AND ROBIN
The critical appreciation between both of these outrageous economists goes on as the time passes.
As Robin Stated:
“Economics is the science which studies human behavior as a relationship between ends and scarce means which
have alternative uses”.
While Marshall describes:
“Economics is the study of mankind in the ordinary business of life. It examines that part of individual and social action which is most closely connected with the attainment and use of material requisites of well being”. It concluded that Robin’s definition is superior to Marshall’s definition.
What’s your opinion?
Marshalls was also not wrong but Robin declared all of us to face reality.
And Reality to our life is Money.
ARTICLE BY: ZEHRA IMRAN.
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