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The early economic of the definitions of economics can be devided and classified into four stages, depending on the line of thought as well as the emphazize on the content of definition. The first stage called the classical stage was represented by Adam Smith, emphasized 'wealth' ;the second stage called the neo classical stage represented by Alfred marshall, emphasized 'welfare Concept' ; the third stage called the new stage where significant contribution was made by Lionel Robbins on the basis of 'scarcity' and finally, the modern stage where the 'Growth' aspect has been emphasized by Samuelson.
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May 12, 2022, 4:55 PM Velu