Limitation of Economics

Apr 30th, 2015
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‘‘ECONOMICS is a science which studies human behaviour as a relationship between ends and scarce means that have alternative uses.’’- By Lionel Robbins, an economist in an attempt to define Economics.

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Limitation of Economics ECONOMICS is a science which studies human behaviour as a relationship between ends and scarce means that have alternative uses.- By Lionel Robbins, an economist in an attempt to define Economics. Lionel considered the study of economics to be a social science that concerns itself with the investigation of how man maximizes his satisfaction from the limited resources at his disposal and not forgetting the fact that these available limited resources can be channelled into the production of other goods. An ECONOMY consists of the economic system of a country or other area, the labour, capital and land resources, and the economic agents that socially participate in the production, exchange, distribution and consumption of goods and services of that area.- According to Wikipedia (an online encyclopaedia) in defining an ECONOMY. This implie

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