Major ideas involving the meaning of Economics: Following are major ideas involving the meaning of economics:
(i) Economics as a Science of Wealth: Many scholars and authors in the late eighteenth and early nineteenth century believed that Economics is the Science of Wealth. They viewed that economics deals with the phenomenon of wealth which includes nature and causes of wealth, creation of wealth by individuals and nations etc.
(ii) Economics as a Science of Welfare: The wealth definition of economics was criticised on the ground that it did not talk about people who had no wealth. So many scholars in the 19th century defined economics as a "Science of Welfare". Economics as a "Science of Wealth" was said to be concerned with the quantitative welfare only.
(iii) Economics as a Science of Scarcity and Choice: The welfare definition of economics explained only material aspect of But people want both material goods and non-material services. So this definition has been rejected. Now economics was treated as "Science of Scarcity and Choice". As science of scarcity and choice, economics studies human behaviour as relationship between ends and means which are scare and have alternative uses.
(iv) Economics as a Science of Growth and Development: Now-a-days people talk about the well-being of individual and the whole nation. It is understood that for an individual to be able to satisfy his/her wants, it is necessary that the whole economy must grow and find proper one mechanism to distribute the benefits of growth among the individual citizen. So now economics is treated as the science of growth and development.
(v) Economics as a Science of Sustainable development: Economists of late 20th century have also started talking about welfare of future generation and protection of environment. Hence economics is also treated as a science of sustainable development.
