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Home » Definition and Explanation of Economics » Economics as a Science of Growth and Efficiency


Economics as a Science of Growth and Efficiency:


If we define Economics as a science of administration of scare resources, then its scope becomes too wide and includes the whole of economics life and not merely that part of it which is connected with the market price.


Latest/Modern Definition of Economics:


The modern economist’s define economics as:


"A science of growth and efficiency".


According to Samuelson:


"Economics is the study of how people and society end up closing, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities and distribute them for consumption now or in the future among various persons and groups in society".


It analyses the cost and benefits of improving patterns of resource allocation.


In the words of C.R. McConnell:


“Economics can be defined as a science of efficiency in the use of resources so as to attain the greatest or maximum fulfillment of society’s unlimited wants. Efficiency here implies technical efficiency and economic efficiency in the use of scarce resources for producing a given level of output. The term efficiency also relates to the efficiency of whole economics system. If one section of the society is made better off without making the other section worse off, we can say the economic system is operating efficiently".


After considering the various definitions, Economics can be defined as:


“A social science which is concerned with the proper use and allocation of resources for the achievement and maintenance of growth with stability and efficiency”.

Relevant Articles:

» Economics as a Science of Wealth or Definition of Economics By Adam Smith
» Economics as a Science of Material Welfare or Definition of Economics By Alfred Marshall
» Economics as a Science of Scarcity and Choice or Definition of Economics By Robbins
» Economics as a Science of Growth and Efficiency or Definition of Economics By Modern Economists
» Is Economics Neutral Between Ends
» Economics Problems
» Scope of Economics
» Nature of Economic Laws
» Methods of Economic Analysis
» Economic Analysis and Economic Policy
» Micro and Macro Analysis
» Importance of the Study of Economics


Principles and Theories of Micro Economics
Definition and Explanation of Economics
Theory of Consumer Behavior
Indifference Curve Analysis of Consumer's Equilibrium
Theory of Demand
Theory of Supply
Elasticity of Demand
Elasticity of Supply
Equilibrium of Demand and Supply
Economic Resources
Scale of Production
Laws of Returns
Production Function
Cost Analysis
Various Revenue Concepts
Price and output Determination Under Perfect Competition
Price and Output Determination Under Monopoly
Price and Output Determination Under Monopolistic/Imperfect Competition
Theory of Factor Pricing OR Theory of Distribution
Principles and Theories of Macro Economics
National Income and Its Measurement
Principles of Public Finance
Public Revenue and Taxation
National Debt and Income Determination
Fiscal Policy
Determinants of the Level of National Income and Employment
Determination of National Income
Theories of Employment
Theory of International Trade
Balance of Payments
Commercial Policy
Development and Planning Economics
Introduction to Development Economics
Features of Developing Countries
Economic Development and Economic Growth
Theories of Under Development
Theories of Economic Growth
Agriculture and Economic Development
Monetary Economics and Public Finance

History of Money

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