An Inquiry into Nature and causes of Wealth of Nations-1776
“Economics is the science of wealth”
He is also known as Father of Political economy
Ruskin & Carlyle:
‘A dismal science’ a dark science
Alfred Marshall (1842 – 1924)
“Principles of economics – 1890”
“A study of Mankind in the ordinary business of life”
Samuelson:
Samuelson’s definition is known as a modern definition of economics
“Economics is a science concerned chiefly with the way society choose to employ its resources, which have alternative uses to produce goods & service for present and future consumption”
He coined the concept of Net Economic Welfare (NEW)
Karl Marx:
He is known as Father of socialism.
His book- Dos Capital.
J.M. Keynes:
“Father of modern Macroeconomics”
“The General theory of Employment, Interest and money”
Lionel Robbins:
“Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”
“An essay on the nature and significance of economic science – 1932”
Simon Kuznets:
The modern concept of GDP was developed by him in 1934
