Definitions of Economics

Economist	Definitions of Economics
George Bernard Shaw	The economy is the art of making the most of life.
Alfred Marshall	Economics is the study of mankind in the ordinary business of life.
Lionel Robbins	Economics is the science that studies human behaviour as a relationship between ends and scarce means that have alternative uses.
John Maynard Keynes	The theory of economics is a method rather than a doctrine, an apparatus of mind, a technique of thinking, which helps its possessor draw correct conclusions.
Richard Lipsey	Economics is the study of the use of scarce resources to satisfy unlimited human wants.
Prof. Paul Samuelson	The study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption, now and in the future among various people and groups of society

What is economics?

Economics revolves around the process of decision-making. On a daily basis, we engage in a multitude of decision-making processes. What is the appropriate amount to allocate for outing expenses? What is the optimal route to get to work? What is the most suitable location for our living? 

अर्थशास्त्र निर्णय लेने की प्रक्रिया के इर्द-गिर्द घूमता है। दैनिक आधार पर, हम अनेक निर्णय लेने कीप्रक्रियाओं में संलग्न होते हैं । बाहर जाने के खर्चों के लिए आवंटित की जाने वाली उचित राशि क्या है ? काम पर जाने का सर्वोत्तम मार्ग क्या है? हमारे रहने के लिए सबसे उपयुक्त स्थान कौन सा है ?

Economics is the scientific study of the production, exchange, and consumption of different goods and services within economic systems. This demonstrates the utilization of limited resources to enhance the prosperity and well-being of individuals. Economics primarily concerns itself with the limited availability of resources and the decision-making process involved in selecting from various possible uses for these resources. The available resources or inputs for producing things are restricted or scarce.

अर्थशास्त्र आर्थिक प्रणालियों के विभिन्न वस्तुओं और सेवाओं के उत्पादन, विनिमय और उपभोग का वैज्ञानिक अध्ययन है। यह व्यक्तियों की समृद्धि और खुशहाली को बढ़ाने के लिए सीमित संसाधनों केउपयोग को दर्शाता है। अर्थशास्त्र मुख्य रूप से संसाधनों की सीमित उपलब्धता और इन संसाधनों के विभिन्नसंभावित उपयोगों में से चयन करने में शामिल निर्णय लेने की प्रक्रिया से संबंधित है। चीज़ों के उत्पादन केलिए उपलब्ध संसाधन प्रतिबंधित या दुर्लभ हैं । 

Scarcity compels individuals to select from various options, and the field of economics is employed to assess and determine the most optimal decision among these possibilities. For instance, a farmer has the capability to cultivate crops such as paddy, sugarcane, banana, cotton, and others on his agricultural property. However, he must select a crop based on the accessibility of irrigation water.

कमी व्यक्तियों को विभिन्न विकल्पों में से चयन करने के लिए मजबूर करती है, और अर्थशास्त्र के क्षेत्र को इन संभावनाओं के बीच सबसे इष्टतम निर्णय का आकलन और निर्धारण करने के लिए नियोजित किया जाता है। उदाहरण के लिए, एक किसान अपनी कृषि संपत्ति परधान, गन्ना, केला, कपास और अन्य फसलें उगाने की क्षमता रखता है । हालाँकि, उसे सिंचाई के पानी कीउपलब्धता के आधार पर फसल का चयन करना होगा ।

Economics can be delineated through various conceptual frameworks. Economics is the examination of scarcity, resource allocation, and the impact of incentives on human behaviour, particularly in the context of decision-making. It frequently encompasses subjects such as affluence and economics, but it is not solely focused on monetary matters. Economics is a comprehensive field of study that enables us to comprehend past patterns, analyse current news stories, and forecast future developments. 

अर्थशास्त्र को विभिन्न वैचारिक ढाँचों के माध्यम से चित्रित किया जा सकता है । अर्थशास्त्र कमी, संसाधन आवंटन और मानव व्यवहार पर प्रोत्साहन के प्रभाव की जांच है, खासकर निर्णय लेने के संदर्भ में। अर्थशास्त्र केवल मौद्रिक मामलों पर केंद्रित नहीं है। अर्थशास्त्र अध्ययन का एक व्यापक क्षेत्र है जो हमें पिछले की घटनाओं को समझने, वर्तमान समाचारों का विश्लेषण करने और भविष्य के विकास का पूर्वानुमान लगाने में सक्षम बनाता है ।

Economics encompasses a wide spectrum, spanning from microeconomic analysis to macroeconomic phenomena. Microeconomics is a field of study that focuses on individual decision-making. Macroeconomics is the field of study that examines the whole economy. A microeconomist may concentrate on the debt of individual families, whereas a macroeconomist may concentrate on the debt of a nation.

अर्थशास्त्र में एक व्यापक शृंखला शामिल है, जो सूक्ष्म आर्थिक विश्लेषण से लेकर व्यापक आर्थिक घटनाओं तक फैला हुआ है । सूक्ष्म अर्थशास्त्र अध्ययन व्यक्तिगत निर्णय लेने पर केंद्रित है । समष्टि अर्थशास्त्र अध्ययन का वह क्षेत्र है जो संपूर्ण अर्थव्यवस्था का परीक्षण करता है। एक सूक्ष्म अर्थशास्त्री व्यक्तिगत ऋण पर ध्यान केंद्रित कर सकता है, जबकि एक व्यापक अर्थशास्त्री किसी राष्ट्र के ऋण पर ध्यान केंद्रित करता है ।

Factor

The rise of economic issues can be attributed to two primary sources. The two factors are: i) the presence of infinite human desires; and ii) the restricted availability of resources. Human desires must be fulfilled by the limited resources found in nature. Economics concerns the allocation of scarce resources to fulfil the multitude of human desires. The field of economics revolves around the concepts of desire, labour, and fulfilment.

आर्थिक मुद्दों के बढ़ने का श्रेय दो प्राथमिक स्रोतों को दिया जा सकता है। दो कारक हैं: i) अनंत मानवीय इच्छा; और ii) संसाधनों की सीमित उपलब्धता । मनुष्य की इच्छाएँ प्रकृति में पाए जाने वाले सीमित संसाधनों से ही पूरी होनी चाहिए । अर्थशास्त्र मानवीय इच्छाओं की पूर्ति के लिए दुर्लभ संसाधनों के आवंटन से संबंधित है । अर्थशास्त्र का क्षेत्र इच्छा, श्रम और पूर्ति की अवधारणाओं के इर्द-गिर्द घूमता है ।

In addition to examining how people make decisions, economics also examines the macroeconomic factors that affect economies, such as public finances, international trade, and national income.

लोग कैसे निर्णय लेते हैं इसकी अध्ययन करने के अलावा, अर्थशास्त्र उन व्यापक आर्थिक कारकों की भी अध्ययन करता है जो अर्थव्यवस्थाओं को प्रभावित करते हैं, जैसे सार्वजनिक वित्त, अंतर्राष्ट्रीय व्यापार और राष्ट्रीय आय ।