1.1.5 Growth-oriented Definition

1.1.5 Growth-oriented Definition

Prof. Paul.A.Samuelson, a Nobel Laureate in Economics, gave this definition of economics. According to him, “ Economics is the study of how people and society end-up choosing, 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 the costs and benefits of improving patterns of resource allocation ”.

Thus, Prof.Samuelson’s growth-oriented definition of economics is concerned with choice in its dynamic setting which relates to the present and to the future.

Last modified: Friday, 10 February 2012, 6:25 AM