1. A Presentation on Scope of Economics (BA I Economics, Panjab University) by S P Sukhija Associate Professor Department of Economics Post Graduate Government College Sector 11, Chandigarh

2. Scope of Economics

4. Subject Matter of Economics

5. Subject matter of Economics 1
Aristotle, the great thinker,
says that subject matter of
subject matter of Economics
is economic management
of state and household.

6. Subject matter of Economics 2
Adam Smith says,
"Economics is the
study of causes
& wealth of nations.”

7. Subject matter of Economics.. 3
But Marshall says,
" Economics is a study
of those activities of
social beings which
are connected with the
the material requisites
of welfare. ”

8. Subject matter of Economics…. 4
Robbins further widened
the subject matter.
He included in the subject
matter of economics all
those efforts of human
beings which they
undertake to acquire
scarce resources to
satisfy their unlimited
wants.
As a result they get economic goods.

9. Subject matter of Economics…. 5
Paul A Samuelson,
Boulding, Leftwitch etc. relate subject matter of economics to
A) Economic activities
B) Economic Systems
C) Economic Policies

10. Subject matter of Economics ( Economic Activities ) ….6

11. Subject matter of Economics ( Kinds of Economic Activities )…7

12. Subject matter of Economics ( Objectives of Economic Activities ) …8
Ragnar Frisch says that
economic activities have
two main objectives:
A) Proper allocation of
resources ( subject
matter of Micro
Economics)
B) Efficient use of
matter of Macro Economics)

13. Subject matter of Economics…9

14. Subject matter of Economics…10

15. Subject matter of Economics ( Economic Systems ) ….11

16. Subject matter of Economics ( Economic Policies ) ….12

17. Nature of Economics

18. Nature of Economics
Science
Art
Positive
Normative

19. Is economics a science or an art ?
 A science teaches us to know a phenomenon and an art teaches us to do a thing.
An art is the practical application of knowledge for achieving definite ends.
Economics is both a science and an art
It is a science because it is a systematic knowledge derived from observation, study and experimentation.
However, the degree of perfection of economics laws is less compared with the laws of pure sciences.
The study of fiscal and monetary measures to bring down inflation makes the subject of economics as an art.

20. Is economics a positive science or a normative science? 1
Lionel Robbins, Senior and Friedman have described economics as a positive science.
They opined that economics is based on logic. It is a value theory only. It is, therefore, neutral between ends.

21. Is economics a positive science or a normative science 2
Marshall, Pigou, Hawtrey, Keynes and. many other economists regard economics as a normative science.
According to them, the real function of the science to increase the well-being of man.
They have given suggestions in their works for promotion of human welfare. For example, Malthus has given suggestions of checking the rising population. J.M. Keynes has suggested measures to remove unemployment.

22. Is economics a positive science or a normative science 3
We agree with Mr. Frazer, that an economist who is only an economist is a poor pretty fish.
An economist must come forward to give advice to the problems facing the human being like depression, unemployment, high prices, etc., for increasing his welfare. 
Economics, to conclude, has both theoretical as well as practical side. In other words, It is both positive and a normative science

23. Limitations of Economics

24. Limitations of Economics
Study of human activities only
Study of real man
Study of average man
Study of economic activities
Science and art
Exactness of economic laws

25. Thank You