The superiority of Robbins’ definition over other definitions of economics:
Robbins definition of economics has been widely accepted by economics. His definition is regarded as superior to other definitions of economics on the following grounds:-
1. Scientific definition:-
Robbins’ definition of economics is not classificatory but scientific and analytical. Adam Smith divided man into economic and non-economic and Marshall classified human activities into two parts; material and non-material. So, Robbins definition is more scientific and analytical.
2) Universal application:
Robbins’ definition is applicable to small and large society. It is applicable to both planned and unplanned economies. It is also applicable to the capitalist economy as well as the socialist economy. So it is universally applicable.
3) Wider scope:-
Robbins’ definition has widened the scope of economics. According to him, all types of human wants whether material or non-material come within the scope of Economics. Similarly wants of any individual whether living in a society or outside the society also come under the sphere of Economics.
4) Science of choice:
An individual has to make a choice to derive maximum satisfaction from the Limited income. Our government has to make a choice to achieve a high rate of economic growth from limited resources. The entrepreneur has to make choice to maximize profit out of limited physical, human and natural resources. So, economics is the science of choice which is highlighted by Robbins.