DIFFERENT SCHOOL OF THOUGHTS IN ECONOMICS

Economics is a social science which studies and explains human behavior. But economics is a new social science as compared to other social sciences.
Before 18th century economics was treated as part of Political Science, Ethics and Religion. The 18th century classical economists developed it as a separate social science. Economics is a science in the sense that the economists aim to develop theories of human behavior and to test them against the facts.
It is customary to begin elementary economic theory with a definition of economics. Nothing, however, is settled by definition. A wide subject like economics cannot be restricted to a boundary fixed by definition.
Economics extends to the subjects covered and methods used by the economists. Similarly, it also suggests that boundary of economics changes of the range of subject covered by  economist’s changes.
Definitions Of Economics
The economics science has been differently defined by different economists. Each definiti8ons lays stress on particular aspect of aspect of economics activities. The definitions of economics can be classified into three parts for convenience. They are wealth definition, welfare definition and scarcity.
Criticism
Too much emphasis on wealth
This definition gives much more emphasis on wealth rather than the human beings.
Wealth is only to fulfill the man wants therefore definition must emphasized in human beings then the study of wealth.
Narrow view of wealth.
According to this definition wealth included only the material goods and excludes the nonmaterial goods such as Services of doctor’s, engineers, bankersetc.
Importance to human welfare
This definition doesn’t gives more importance to human welfare. This definition only gives the importance to the accumulation of wealth. It should also pay more attention to the aspect of human welfare.
DEMERITS OF MARSHALL’S DEFINITION.
NARROW SCOPE:-
According to this definition economics is concerned only with those activities which promote only material welfae and it has uncessarily narrowed the scope of economics.
NON MATERIAL SERVICES IGNORED:-
It ignores the non-material services like the services of teacher which has an important contribution to economics welfare.
NOT CLEAR
The distinction made in this definition between ordinary business of life is not clear.
SOCIETY IS DISCUSSED ONLY:-
According to this definition economics deal with persons living only in society. It ignores others who may also have an economic problem.
CONCEPT OF WELFARE DIFFERS:
There is no unanimity about the concept of welfare. Ideas about welfare very from time to time place to place and person to person.
UN MEASURABLE CONCEPT:-
The measurement of welfare is not possible. Once person cannot explain that how much quantity of welfare he has received after spending 5$ on cinema ticket.
WEALTH CONCEPT IS NOT CLEAR:-
Prof. Marshall has not explained the meaning of wealth clearly.
LIMITED CONCEPT OF WEALTH CONSUMPTION:-
Man spends his income on two kinds of necessities. Some are materialistic while the other are non-materialistic. But according to this definition non materialistic necessities are out of subject.
QUESTION OF LIKES AND DISLIKES:-
Prof. Robbins says that this definition creates the question of likes and dislikes and we are bound to do only those actions which are helpful in the material welfare.