Definitions of Economics- PART 4- GROWTH DEFINITION of P.A. SAMUELSON- by Dr. SAJANI JAYAPRASAD
Economics has 4 top definitions:
1. Wealth Definition
2. Welfare definition
3. Scarcity Definition
4. Growth Definition
This session presents the fourth and final category definition i.e., Growth definition (P.A. Samuelson). This is the most accepted definition of Economics. It is the growth-oriented definition. It emphasizes economic growth.
As time moves on, the definitions may tend to change. Hence, there is no unanimous opinion about the definition of Economics.
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