Alfred Marshall’s Definition of Economics (The Neo-classical view) The neo-classical school led by Dr. Alfred Marshall gave economics a respectable place among social sciences. Marshall was the first economist who lifted economics from the bad repute it had fallen. Dr. Alfred Marshall (1842 – 1924) in his book, “Principles of Economics” defined Economics as a study “study of mankind in... 

Adam Smith and his distinguished followers called classical economists defined economics as a science of wealth. Adam Smith (1723 – 1790) in his famous book “An Enquiry into the Nature and Causes of the Wealth of Nations” described economics as a body of knowledge which relates to wealth. According to him if a nation has large amount of wealth, it can help in achieving its betterment. Adam...