Definitions of Economics by authors of different era:

With the advancement of ages, technology and passes of time the meaning and importance of economy and its study has also transformed significantly and reached greater heights.

The definitions by authors of different era shows how study and learning the subject has got its importance with change of Time.

Economics in Ancient Indian context:

The first print of economics in Indian History was by Chanakya (c. 350 BC-275 BC) He was a professor of political science at the Takshashila University of ancient India, and later the Prime Minister of the Mauryan emperor Chandragupta Maurya.

According to Chanakya, “a conducive atmosphere is necessary for the state’s economy to thrive. This requires that a state’s law and order be maintained. Arthashastra specifies fines and punishments to support strict enforcement of laws (the Dandaniti).”(Translated statement)

His works were lost near the end of the Gupta dynasty and not rediscovered until 1915.

Economics in Jainism is influenced by the Mahavira and his principles and philosophies. There are two core political-economic system of the society recognized by the Mahavira. One is Communism and the other, Capitalism.

Ancient economic thought around the globe:

Plato was the first to advocate the Credit Theory of Money, that money originated as a unit of account for debt.(ca. 380–360 BCE)

In Politics Book I, Aristotle (Plato’s student) discusses the general nature of households and market exchanges. Aristotle himself was highly disapproving of usury and cast scorn on making money through means of a monopoly.

Fan Li (later Tao Zhugong) Chinese businessman, politician and strategist, wrote on economic issues. He discussed seasonal effects on markets, and business strategy among other things.

Al-Ghazali (1058–1111) classified economics as one of the sciences connected with religion, along with metaphysics, ethics, and psychology.

“the study of universal laws governing the public interest (welfare?) in so far as they are directed, through cooperation, toward the optimal (perfection).”

Economics in Modern Context:

Economics as a subject matter has been given a variety of definitions over the last 200 years; the subject became political economy and economics from the ancient world to the present day.

Sir James Steuart (1767) wrote the first book in English with ‘political economy’ in the title.

“Economy in general [is] the art of providing for all the wants of a family”

The philosopher Adam Smith also known as father of Modern Economics defines the subject as “an inquiry into the nature and causes of the wealth of nations,” in his treatise “The Wealth of Nations” published in 1776.

Smith’s successors included such classical economists as Thomas Malthus, Jean-Baptiste Say, David Ricardo, and John Stuart Mill.

Alfred Marshall – ‘Principles of Economics'(1890)

“A study of mankind in the ordinary business of life; it examines that part of individual and social action which is most closely connected with the attainment and with the use of the material requisites of well-being. Thus it is on one side a study of wealth; and on the other, and more important side, a part of the study of man.”

Lionel Robbins gave his own definition of economics in his book ” Nature and Significance of Economics” published in 1932.

According to Robbins -” Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.

The basic propositions of Robbins definition are as follows:

• Wants or ends are unlimited
• Means are scarce
• Scarce means have alternative uses
• The ends are of varying importance

Paul A. Samuelson,  American economist, and the first American to win the Nobel Memorial Prize in Economic Sciences (1948):

Economics is the “study of how societies use scarce resources to produce valuable commodities and distribute them among different people.”

Mark Blaug, British economist, who has covered a broad range of topics over his long career (2007):

“economics is the branch of social science that deals with the production and distribution and consumption of goods and services and their management.”

Economics from being the science of household affairs, or of domestic management is now management of National and International fiscal affairs.